US-Iran Conflict Sparks UK Fuel Crisis While Nigeria Secures Supply with Dangote Refinery

Motorists across Britain are facing long queues and empty pumps as fears of an oil shortage escalate amid the ongoing US-Iran conflict. Petrol prices have surged by up to 11 pence per litre in some regions, with panic buying reported in towns such as Maidstone, Kent, and Bothwell near Glasgow. Drivers expressed frustration as stations ran dry, drawing parallels to the 1973 oil crisis.

The current surge in fuel prices is closely tied to hostilities in the Middle East, particularly Iran’s closure of the Strait of Hormuz, a key route for global oil shipments. On March 1, only five tankers passed through the strait compared to the usual 60 per day, pushing Brent crude prices briefly to $82 per barrel—the highest since January last year. Analysts warn that volatility could continue as tensions escalate.

In contrast, Nigeria’s fuel market has remained relatively stable despite geopolitical uncertainty. Petrol prices rose from around ₦820 to ₦937 per litre, but filling stations reported no shortages or panic buying. Experts attribute this resilience to the Dangote Petroleum Refinery & Petrochemicals, which reduces Nigeria’s reliance on imported fuel and strengthens energy security.

Industry insiders emphasize the transformative role of the Dangote refinery. “Without this facility, Nigeria would be battling queues, black market prices, and economic slowdowns,” said one source. The refinery not only provides a buffer against international shocks but also supports job creation, industrial growth, and national pride. Recent stakeholder meetings confirmed that while some foreign crude is still needed, the refinery’s output ensures sufficient fuel supply for domestic consumption.

Petroleum associations in Nigeria, including PETROAN, have urged the government to consolidate and support domestic refineries, particularly by ensuring a steady crude oil supply in naira. National leaders expressed concern over the escalating conflict in the Middle East and its potential ripple effects on Nigeria’s petroleum sector. With the Strait of Hormuz remaining a global chokepoint, the Dangote refinery is increasingly seen as a critical shield against international oil price volatility.

source: punch