Rising geopolitical tensions in the Middle East have triggered a fresh surge in global crude oil prices, pushing energy costs higher across Nigeria and deepening pressure on households and businesses.

Crude oil prices climbed to about $84 per barrel, up from $75 last week, following escalating hostilities involving Iranian Revolutionary Guard Corps, Israel, and the United States. The situation intensified after threats to shut down the Strait of Hormuz, a critical corridor responsible for roughly 20 per cent of global oil and gas supply.

Fuel Prices Spike Nationwide

The ripple effects are already being felt locally, with sharp increases recorded across key energy products. The price of Liquefied Petroleum Gas (cooking gas) rose to about ₦1,200 per kilogram from ₦1,000, while diesel climbed to ₦1,300 per litre from ₦1,200.

Petrol prices have also surged, rising to as high as ₦939 per litre from ₦837, with market watchers warning that prices could exceed ₦1,000 per litre if the crisis persists.

A market survey across major cities, including Lagos and Abuja, showed filling stations adjusting pump prices upward within days, while cooking gas retailers followed suit.

Dangote Refinery, Marketers Adjust Prices

The price increases were further driven by adjustments from the Dangote Petroleum Refinery, which raised depot prices for petrol, diesel, and cooking gas in response to rising international crude prices.

Oil marketers and depot operators nationwide also increased prices by an average of ₦100 per litre or kilogram, citing higher landing and