Escalating conflict in the Middle East has begun to ripple through Nigeria’s energy market, pushing up the prices of cooking gas (LPG), diesel, and petrol, with households and industries already feeling the strain. The surge follows heightened geopolitical tensions involving Iran, the United States, and Israel, which have disrupted crude oil supply routes and triggered volatility in global oil markets.
Nijatravel reports that retail cooking gas prices have climbed to approximately ₦1,200 per kilogram from around ₦1,000, while diesel (Automotive Gas Oil) has risen to about ₦1,300 per litre, up from ₦1,200. Petrol prices have also increased significantly, nearing ₦939 per litre in several locations. The adjustments follow a rise in global crude benchmarks, with Nigeria’s Bonny Light crude reportedly trading at about $84 per barrel.
Industry analysts attribute the domestic price hike to supply chain disruptions and heightened risk premiums in international oil shipping routes. Limited tanker availability and logistical constraints have further compounded the pressure on import-dependent petroleum products.
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The situation has also been influenced by pricing adjustments from the Dangote Petroleum Refinery, which revised depot prices for refined products in response to increased crude oil costs. Marketers across the country subsequently adjusted pump and retail prices to reflect the new supply realities.
For Nigerian households, the rise in cooking gas prices translates directly into higher daily living costs, particularly for low- and middle-income families. Small businesses, manufacturers, and transport operators that rely heavily on diesel are also expected to face increased operational expenses, potentially driving inflationary pressure across goods and services.
Energy economists warn that if the Middle East conflict persists, fuel prices could climb further, especially if crude supply disruptions intensify. Consumers and businesses are therefore advised to prepare for continued volatility in the short to medium term.
As geopolitical developments continue to shape global oil markets, Nigeria’s domestic energy landscape remains closely tied to international events, underscoring the interconnected nature of global trade, travel, and economic stability.
