Trending 
A sharp rally in global crude oil prices threatens to trigger another round of petrol price hikes in Nigeria as Brent crude reached a five-month high of $115.18 per barrel on Friday.
Intensifying Middle East conflict—including attacks by Iran-backed Houthi militants on Saudi oil infrastructure and widespread fears of potential U.S. military strikes against Iran—has driven global energy markets upward for three consecutive weeks.
With domestic suppliers like the Dangote Petroleum Refinery currently selling petrol at N1,350 per litre, rising international crude costs directly inflate feedstock and procurement expenses, placing severe pressure on marketers to pass these cost increases onto Nigerian consumers already struggling with high inflation.
Escalating regional hostilities have severely disrupted energy logistics across the Middle East, particularly around critical transit choke points like the Strait of Hormuz.
Following drone strikes on Saudi Arabia’s Shaybah oil field and Dammam airport, Saudi Aramco evacuated its Dhahran headquarters and directed staff to work remotely.
Meanwhile, military rhetoric between Washington and Tehran has heightened global supply anxieties, driving West Texas Intermediate futures above $101 per barrel.
Since Nigeria’s local refining and import pricing reflect global crude benchmarks and freight rates, consistently high oil prices could further raise local transportation costs and the overall cost of living.
