Global crude oil prices are nearing $80 per barrel amid escalating tensions between the United States and Iran, following reports of coordinated U.S.-Israeli airstrikes on key Iranian nuclear facilities. The market is reacting sharply, with fears growing over a potential wider conflict in the Middle East.
In Nigeria, petroleum marketers warn that petrol pump prices could rise to ₦1,000 per litre in the coming weeks, driven by the global oil surge and continued foreign exchange volatility.
The U.S. carried out what it described as a “preemptive defensive strike” on three major Iranian nuclear sites, with former President Donald Trump claiming the attacks “obliterated” Tehran’s key infrastructure. Simultaneously, Israeli forces launched their own offensive. In response, Iran — the third-largest oil producer in OPEC — has vowed to retaliate.
As part of its countermeasures, the Iranian parliament has reportedly approved plans to close the Strait of Hormuz — a vital chokepoint through which nearly 20% of global oil supply is transported. This development has further driven up Brent crude prices and intensified fears of global supply disruptions.
“If crude hits $80 per barrel, depot prices may rise to ₦1,000 per litre,” said Olatide Jeremiah, CEO of PetroleumPrice.ng. “Last week’s spike was partly due to Dangote temporarily halting sales, but the refinery has resumed, currently selling at ₦880 per litre for two million litres.”
The Independent Petroleum Marketers Association of Nigeria (IPMAN) confirmed that the ongoing geopolitical crisis, along with the naira’s instability, is already pushing pump prices higher. As of Sunday, June 22, petrol was selling for ₦930–₦960 per litre in many parts of the country. Lagos had the lowest average price at ₦925, while northern regions recorded highs of ₦980–₦1,000 per litre due to increased transport and logistics costs.
Chinedu Ukadike, IPMAN’s National Publicity Secretary, said: “Crude prices have risen from $66 to around $77 per barrel. Coupled with exchange rate challenges, this is driving up local petrol prices. Dangote and other importers have had to adjust accordingly.”
On Friday, the Dangote Refinery increased its price from ₦825 to ₦880 per litre. Marketers such as MRS followed suit, with pump prices rising to ₦955 per litre in the South East and Northwest. The Nigerian National Petroleum Company (NNPC) Limited also adjusted its pricing — ₦915 per litre in Lagos and ₦945 in Abuja.
Current Depot Prices:
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Rainoil: ₦900 (up from ₦850)
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Fynefield: ₦930
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Mainland Depot: ₦920
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Sigmund: ₦920
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Matrix (Warri): ₦910
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NIPCO: ₦895 (up from ₦827)
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Aiteo: ₦840
Ukadike noted that rising distribution costs — especially the cost of lifting 50,000 litres — are straining marketers and prompting further price reviews. He added that although Dangote is a local supplier, its crude is still sourced at international market rates, limiting its ability to undercut import prices.
“Unless there’s an intervention in the crude-for-naira arrangement or relief on forex rates, petrol prices will remain volatile,” he warned.
