As tensions rise in the Middle East, particularly between the US and Iran, the petrol market in Nigeria is facing significant changes. The Major Energies Marketers Association of Nigeria has reported that a litre of imported petrol is approximately N64 less expensive than that from the Dangote Petroleum Refinery. This report has been contested by Dangote's management, which has challenged the importers, suggesting they should defy the ongoing airstrikes to bring in fuel.

Amid this turmoil, the Dangote refinery has implemented a price increase for its petrol, raising the gantry price from N774 to N874 per litre. This adjustment comes after a notable surge in oil prices, which escalated to $84 per barrel from a previous low of below $70 just prior to the escalation of military conflicts in the region. Consequently, fuel stations across Nigeria have started increasing their pump prices, with costs reaching as high as N937 depending upon the location, reflecting the instability in the global fuel market.

Before the conflict intensified over the weekend, fuel stations were already selling petrol at varying prices between N812 and N839. The recent events in the Middle East have exacerbated these fluctuations, significantly impacting Nigeria’s local fuel market as it grapples with the repercussions of global supply disruptions and rising costs, leading to fears of increased hardship for consumers in the coming weeks.