Energy experts have warned that escalating tensions between the United States and Iran could push up petrol and diesel prices in Nigeria if global crude oil prices rise sharply.
They noted that any sustained disruption around the strategic Strait of Hormuz — a major global oil transit route — could drive crude prices higher and increase the cost of refined products locally.
Although Nigeria is expanding local refining capacity through the Dangote Petroleum Refinery, analysts say the country remains vulnerable to global market shocks because a significant portion of crude used by domestic refineries is still imported.
Experts added that with fuel subsidies removed, any increase in international oil prices is likely to translate directly to higher pump prices for consumers.
They stressed that boosting local crude supply to domestic refineries and increasing national production remain critical to shielding Nigerians from future global oil price volatility.
