Global oil prices jumped sharply on Thursday, with Brent crude climbing above $119 per barrel, as escalating tensions in the Middle East unsettled energy markets and raised fears of supply disruptions. The spike follows fresh attacks on critical oil and gas infrastructure in the region, deepening concerns that the conflict could expand and threaten global energy flows.
The impact is already being felt in Nigeria, where the gantry price of petrol has risen to N1,200 per litre from N1,175. This increase reflects how quickly international oil price movements are feeding into the domestic market, particularly in Nigeria’s deregulated downstream sector. Data from petroleumprice.ng shows that major depots have adjusted their prices upward in response to the global surge.
Across Lagos, motorists are beginning to see higher prices at filling stations. Retail outlets linked to Dangote refinery partners are selling petrol at over N1,230 per litre, while other major marketers are not far behind. The steady rise across stations signals a broader trend that could soon translate into even higher pump prices nationwide.
Despite recent improvements in local refining capacity, experts say Nigeria remains highly exposed to global oil shocks. Factors such as exchange rate pressure, logistics costs, and reliance on international crude benchmarks continue to influence domestic fuel pricing. For many Nigerians, the effect is immediate, as transport fares and the cost of basic goods begin to climb.
There is growing concern among citizens, with many calling on the government to step in and cushion the impact. Meanwhile, global markets remain on edge as attacks on energy facilities across the Middle East disrupt supply chains and threaten key routes like the Strait of Hormuz. Analysts warn that if tensions persist, oil prices could remain volatile, further straining economies like Nigeria’s that are heavily dependent on imported fuel pricing dynamics.
source: The sun