Escalating tensions and recent coordinated US–Israeli airstrikes on Iran’s nuclear facilities have prompted Iranian lawmakers to consider closing the strategic Strait of Hormuz—a waterway that channels nearly 20% of the world’s oil supply.
Brent crude has already climbed above $80 per barrel, trading near three-month highs, amid rising geopolitical anxieties.
Energy analysts, including those cited by PunchNG, warn that if Brent crude hovers around $80/barrel, petrol pump prices in Nigeria could soon reach ₦1,000 per litre—especially as private depots adjust their ex-depot prices.
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Olatide Jeremiah, CEO of PetroleumPrice.ng, explained that private depots are poised to raise prices, and if Dangote Refinery’s ex-depot rate remains at ₦880, pump prices could spike to ₦1,000 shortly.
Bottom Line:
Global geopolitical unrest—especially in the Iran–Israel–US conflict—has surged oil prices. With Brent crude above $80/barrel, Nigeria faces a looming risk of petrol reaching ₦1,000/litre as private depots and refiners adjust to market realities.
