By: Chioma Madonna Ndukwu
Following an Israeli attack on Iran, global crude oil prices surged sharply, raising concerns about fuel costs in Nigeria. Brent crude, NYMEX Light Sweet, and West Texas Intermediate (WTI) prices all climbed by around 9 to 10 percent, hitting roughly $75.15, $73.20, and $74 per barrel respectively—the highest since February 2025.
The escalation between Israel and Iran threatens to disrupt oil supplies from the Middle East, a key region for global energy markets. This recent price jump marks the first time oil has surpassed Nigeria’s 2025 budget benchmark of $75 per barrel.
In Nigeria, the increase puts pressure on the local price of Premium Motor Spirit (PMS), which currently ranges from ₦870 to ₦910 per litre in major cities such as Lagos and Abuja. Higher international prices are expected to push domestic fuel prices even higher.
The Dangote Refinery, Africa’s largest, depends significantly on crude imports, particularly from the United States, to maintain its fuel production capacity. Rising crude prices could therefore raise production costs and retail prices within Nigeria.
The conflict escalated when Israeli forces targeted Iran’s nuclear site, leading to retaliatory strikes by Iran. The situation has drawn attention from the United Nations, the US, China, Saudi Arabia, and other global actors, all calling for restraint.
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