In a fast-paced world, largely propelled by the internet, it is no longer baffling to see a situation in one location hit another nation faster than a rocket from the US to Iran. Nigeria may be facing a rise in the price of petrol if the war between Israel and Iran continues.
You see, the ongoing conflict between Iran and Israel is shaking global oil markets, and Nigeria will feel the heat in no distant time.
At a busy filling station in Lagos, motorists wait under the sweltering sun, eyes fixed on the metre and ears tuned to rumours—“Prices may go up by next week,” someone mutters.
The anxiety is familiar, but this time, it’s not local supply glitches or subsidy debates stirring panic.
It’s war—thousands of miles away, between Iran and Israel and their brother, the United States Of America.
Though geographically distant, Nigeria’s deep reliance on global oil markets makes it vulnerable to even distant geopolitical shocks.
Middle East Conflict Fuels Market Fears
Iran, a key OPEC member, controls the Strait of Hormuz, where nearly 20% of the world’s oil supply moves daily.
As the war escalates, it threatens oil shipments and drives Brent crude above $95 per barrel.
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Analysts expect prices to cross $100 if hostilities deepen.
Nigeria’s Import Dependency Bites
Meanwhile, Nigeria imports almost all its refined petroleum due to decades of underinvestment in local refineries.
Consequently, global price hikes immediately raise the cost of petrol imports.
At the same time, petrol marketers struggle to cover rising landing costs.
Without government support or a pricing overhaul, they may either raise pump prices or limit supply—both of which would hurt consumers.
Inflation Risks Rise
Furthermore, higher fuel costs directly drive-up inflation, especially in transport and food sectors.
The Central Bank of Nigeria recently warned that energy-driven inflation could derail progress in currency stabilisation and economic reform.
Although, Nigeria sits far from the battleground, its citizens may soon feel the impact at fuel stations.
The Middle East conflict highlights the urgency for Nigeria to reduce fuel import dependence.
The government must fast-track domestic refining and broaden its energy sources.
In conclusion, as the Iran-Israel war unfolds, Nigeria’s economic stability faces fresh threats—not from bombs, but from barrels of oil and broken supply chains.
