In an update published by BusinessDay, the escalating US-Israel-Iran war has triggered a 13% jump in the gantry price of petrol at the Dangote Refinery and other depots within 48 hours. Although Nigeria is now largely self-sufficient in refining, the global price of crude—the primary input—remains sensitive to the conflict in the Gulf.
The price hike has already begun to trickle down to retail stations, with long queues resurfacing in parts of Lagos and Abuja. Depot owners have expressed concerns that if the Strait of Hormuz remains a flashpoint, shipping and insurance costs will continue to drive prices upward.
Premium Times and The Nation confirmed the price movements at the pump. The Nation reported that “marketers are adjusting prices to reflect the new landing costs,” while Premium Times featured a quote from a logistics expert: “The ‘Hormuz Tax’ is a real threat to our domestic inflation targets.”
Echotitbits take: This is the downside of being tied to global commodity markets. Even with local refining, crude oil is priced in dollars. If the Middle East war sustains high oil prices, the federal government may face renewed pressure to provide “temporary” subsidies to avoid social unrest.
Source: BusinessDay – https://businessday.ng/energy/article/nigerians-feel-pinch-of-us-iran-war-as-petrol-jumps-13-in-48-hours/, March 4, 2026
Photo credit: BusinessDay
