Rising tensions involving Iran, the United States and Israel could spark another increase in petrol and diesel prices in Nigeria, energy analysts have warned.
Experts say any escalation that disrupts oil shipments through the Strait of Hormuz — a key global crude transit route — may trigger a spike in international oil prices, with ripple effects on refined fuel costs in Nigeria.
Despite efforts to boost domestic refining, including operations at the Dangote Petroleum Refinery, analysts note that Nigeria is still exposed to global supply shocks, especially as part of the crude processed locally is sourced from international markets.
With fuel subsidies removed, higher global crude prices could quickly translate to increased pump prices nationwide.
