The escalating military confrontation involving the United States, Israel and Iran has begun to bite hard on Nigeria’s economy, as petrol and cooking gas prices have surged across major cities in the country.
In Abuja, retail petrol outlets owned by the Nigerian National Petroleum Company Limited (NNPCL) adjusted pump prices to N960 per litre, up from N875.
In Lagos, independent marketers such as Bovas raised prices from N835 to N935 per litre, while a lot of NNPCL stations were not dispensing as of Tuesday.
The latest spike followed a N100 increase in ex-depot price by Dangote Refinery, which raised its gantry rate from N774 to N874 per litre amid rising global crude prices.
Similarly, depot owners across Nigeria hiked the price of cooking gas, by an average of N100 per kilogramme.
Major distributor, Nipco Plc is now selling at N900, while Techno Oil Limited is selling at N885 per kilogramme and Navgas Limited jerked its price to N900 per kilogramme.
The adjustments represent a sharp climb from the previous market average of around N800 per kilogramme and comes after coordinated US–Israel airstrikes on Iran disrupted crude oil flows from the Persian Gulf to the global market.
