Iran-Israel war: Petrol nears N1000/L in Nigeria marketers predict further hike (Daily Trust)

24 Jun 2025 02:06 pm
Business

The ongoing conflict between Iran and Israel has led to a sharp increase in the price of petrol in Nigeria with predictions of further hikes in the near future. The tension between the two countries has caused disruptions in the global oil market leading to a rise in the cost of crude oil. This in turn has resulted in higher prices for petrol in Nigeria which heavily relies on imported fuel. Experts warn that if the conflict escalates the price of petrol could reach an all-time high of N1000 per liter causing significant economic strain for the country and its citizens.

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Link to Original Story: https://dailytrust.com/iran-israel-war-petrol-nears-n1000-l-in-nigeria-marketers-predict-further-hike/

Discussion Points:

Responses
  • 1) As petrol near ₦1000 over the Iran-Israel conflict, Is it surprising how quickly global events impact local prices?
    1 Replies
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    user-avatar
    24 Jun

    Yes it is really surprising that a conflict between two countries far in the Middle East is affecting a west African country. But on the other hand it is not really that surprising because we export most of our crude and in turn import the refined one back so yeah it might affect us a little bit.

  • 2) With marketers warning of more hikes to come, Should the government step in or let market forces decide?
    0 Replies
    0 Reply
  • 3) For an oil producing country, Why do global crises hit Nigerians so hard? What’s really behind this?
    1 Replies
    0 Reply
    user-avatar
    24 Jun

    As much as it is surprising that conflict like this affects Nigerians it still doesn’t erase the fact that we can’t refine our crude which is very heartbreaking. If we depend solely on our home grown refineries maybe we wouldn’t be affected much as we are now.
  • 4) Global oil price is up again, Did removing fuel subsidies make things worse or was it still the right call?
    0 Replies
    0 Reply
  • 5) With global conflict raising fuel prices, Is it time Nigeria sped up local refinery projects like Dangote’s?
    1 Replies
    0 Reply
    user-avatar
    24 Jun

    Yes this is really a wake up call for us to speed up whatever we are doing concerning our refineries. We have at least 3 refineries that are not working in the country, why not focus on them and get them running as fast as we could. I hope the government will look into this serious issue.

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