Business
Analysts: Israel-Iran Conflict May Hike Nigeria Fuel Costs

The fresh wave of geopolitical tensions in the Middle East may soon translate into higher fuel prices in Nigeria, analysts say, as global oil markets react to Israel’s recent airstrikes on Iranian nuclear facilities.
Oil prices spiked sharply after the strikes, which also reportedly killed senior Iranian military commanders. The escalation marks a significant turning point in the longstanding hostilities between the two nations.
According to Bloomberg, Brent crude soared by as much as 13% in intraday trading—the largest jump since March 2022 before settling at a 7.6% gain.
Meanwhile, global financial markets reflected the volatility, with S&P 500 futures slipping 0.9% and gold climbing 1% to its highest in over a month, as investors sought safe havens.
Speaking to Nairametrics, Jide Pratt, Country Manager of TradeGrid and COO of Aiona, emphasized the direct connection between Middle Eastern instability and fuel prices in Nigeria.
“Iran, being a major oil-producing nation, is a trigger for the prices of crude oil,” Pratt explained. “As such, with the bombing, the immediate effect we see is that prices of Brent have gone up to $78 and now about $73 as an immediate reaction.”
He added that, should tensions escalate further, the consequences could be even more severe. “If this escalates, then the prices will go up and so will the prices of distillates here in Nigeria and across the world.”
“Pratt also pointed out that Nigeria’s volatile foreign exchange rate could worsen the domestic impact. “What makes it worse will be if we do not keep our exchange rate consistent and constant,” he said.
“While the oil price spike may bring increased revenue to the Nigerian government, analysts stress the need for prudent financial management. “In all, more revenue for the Federal Government and states—if they spend it in a frugal way,” Pratt noted.
Energy economist Edwin Eze of the Abuja-based Centre for Energy Policy also noted, “For Nigeria, that could mean an increase in landing costs and ex-depot prices, which may eventually be passed on to consumers.”
Although the Federal Government has maintained that fuel subsidy removal will allow prices to reflect market realities, the timing of another potential hike is likely to stir public discontent, especially amid existing economic hardship and inflationary pressures.
What you should know
- On June 12, Israel launched rounds of attacks on several locations in Iran, including the Natanz nuclear site and Tabriz.
- Prime Minister of Israel Benjamin Netanyahu said strikes targeted Iran’s nuclear and ballistic missile programs and that the operation would continue until the threat was removed.
- Hours after the first Israeli strikes, Tehran launched more than 100 drones.
Nigeria’s petrol imports stood at N1.76 trillion in Q1 2025, according to the National Bureau of Statistics (NBS). - A global spike in crude prices often results in higher landing costs for fuel imports, which could lead to further inflationary pressure, especially in a deregulated market.
Nairametrics.com
Business
After Petrol, Dangote Refinery Slashes Cooking Gas Price Lowest In Nigeria [Price Per State Emerges]

Africa’s largest refinery, Dangote Refinery, has slashed the price of liquified natural gas (LPG), also known as cooking gas to the lowest in 2025, a few hours after cutting petrol rate, a move that has sent joy to Nigerian households.
This move came barely 24 hours after the refinery reduced its petrol prices to N820 per litre from N854.
Checks showed Dangote Refinery lowered the cooking gas price, easing hardship for Nigerians.
Checks by Legit on petroleumpriceng’s price data show that the refinery slashed the LPG price to N740 per kg, the lowest among depot operators and cheapest in Nigeria.
The latest price is also the cheapest the refinery has sold cooking gas in 2025 after rates jumped above N1,000 per kilogramme.
Experts have hailed the move as exemplary, urging other operators to follow suit. They also attributed the latest price cut to the declining crude oil prices in the international market.
Where it’s cheapest and costliest
Oyo, Plateau, and Yobe currently offer the lowest 5kg refill costs at ₦7,100, ₦7,200, and ₦7,600, respectively. For the 12.5kg size, Yobe leads with ₦19,000, followed by Niger (₦19,242.48) and Jigawa (₦20,025.94).
At the other extreme, the South-South zone records the highest average: ₦8,871.63 for a 5kg cylinder and ₦22,179.08 for a 12.5kg refill. In contrast, the South-West pays the least regionally—₦7,960.42 and ₦20,402.42, respectively.
A reversal of fortune for Nigerians
This development came after Legit.ng reported that cooking gas prices are on the rise again.
For the fifth straight month, cooking gas prices in Nigeria have risen, tightening the squeeze on household budgets.
According to fresh data from the National Bureau of Statistics (NBS), refilling a 5kg cylinder now costs ₦8,323.95—up 1.92% from May’s ₦8,167.43 and a hefty 19.49% more than in June 2024.
The pain is sharper for larger households. A 12.5kg cylinder refill now costs an average of ₦21,010.56, marking a 1.46% rise from May and a staggering 33.52% jump compared to last year’s ₦15,736.27.
Crude oil prices slump
“International crude oil price is a great factor in setting petroleum product prices globally,” energy analyst and Team Lead at Platforms Africa, Adeola Yusuf, said.
According to him, falling crude prices mean falling petroleum product prices, and vice versa. Findings show that Brent Crude slumped 0.66% on Wednesday, August 13, 2025, to sell at $65.46 per barrel.
WTI fell 0.75% to sell for $62.35 per barrel, while Murban Crude sold for $67.52 per barrel, recording a 0.89% decline.
Why the surge won’t stop
Despite being Africa’s largest oil producer, Nigeria imports much of its cooking gas.
This dependence makes local prices vulnerable to swings in the global market. Disruptions in supply chains, increased global demand, and geopolitical tensions have driven up costs worldwide.
The naira’s persistent weakness worsens the situation, as importers pay more to secure foreign exchange, passing the burden to consumers.
Business
Fuel Scarcity: Petrol Price Rises Above N1,500 As Marketers Shut Filling Stations To Support Strike

A litre of petrol is selling for as high as N1,700 as fuel scarcity has hit residents of Benue state following the petrol tankers’ protest over unfulfilled compensation
Several filling stations are closed, and black market operators have taken advantage of the situation to hike prices
The sudden shutdown has sent petrol prices skyrocketing to hit new levels as black market operators have taken advantage of the situation.
The state governor has pleaded with the petrol tankers to suspend their strike and return to work.
Petrol Tanker Drivers (PTD) branch of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) is currently on a 3-day warning strike in Benue state.
In solidarity, petrol station owners in the state shut their doors.
The sudden shutdown has sent petrol prices skyrocketing to hit new levels as black market operators have taken advantage of the situation.
Vanguard reports that desperate motorists and commercial motorcycle operators who have been left stranded are resorting to black market operators who are selling petrol for as high as N1,700 perlitre.
Prices vary depending on the location within the town, with some areas seeing prices at N1,600.
The price is a massive N775 difference when compared to N945 it was sold before the showdown.
According to a member of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Benue State, who was quoted in the report said the strike action was taken following unresolved grievances.
“A few years ago, youths attacked a etrol-laden truck on the Makurdi-Aliade road and siphoned its contents. Promises of ompensation by the former administration were never fulfilled.”
He added that efforts by NUPENG and IPMAN to engage the current administration for redress reportedly met with resistance, prompting the decision for a warning strike.
All fuel station managers were instructed to cease operations during this period. “Heavy penalties of up to N500,000 were threatened for non-compliance, leaving no stations perational.”
Meanwhile, the Benue State Government has urged NUPENG to call off the strike, noting that the strike was uncalled for.
Deborah Aber, the Secretary to the State Government (SSG), stated that the government received a letter from NUPENG requesting payment of over N40 million as compensation for the vandalised PMS tank in 2022.
“In the letter, they were asking for payment for their 45,000 litres of PMS they lost through the activities of vandals in 2022 at Aliade.
“We needed to sit down and look at the whole scenario and how it played out. To us, it seemed like a straightforward case of theft and vandalism, with no government involvement.
“We have held several meetings with them. Surprisingly, we woke up today to find that the stations were locked. The government too is surprised because we are still. t the discussion at table.
“When we received the letter, we wrote to the police and DSS to furnish us with what happened that time.
In the letter they were claiming payment of over N40m for the loss of their goods in 2022.”
NNPC increase petrol prices
The new price follows changes announced by petrol importers and the Dangote Refinery amid the global oil price increase
NNPC Limited retail outlets are now selling nigher rate than the rate offered by Dangote refinery partners.
Business
What God Showed Me About NNPC GMG Ojulari -Primate Ayodele Reveals

Spiritual leader and founder of INRI Evangelical Spiritual Church, Primate Elijah Ayodele, has sounded an alarm over impending challenges for a top executive at the Nigerian National Petroleum Company (NNPC), warning that powerful cabals are working behind the scenes to frustrate and destabilize him.
In a recent video prophetic message from 00:02:07, Ayodele revealed that the General Managing Director (GMG) of NNPC is facing spiritual and political sabotage that could lead to serious complications in the months ahead.
“NNPC GMG—the problem has just started,” the cleric declared. “They want to frustrate him. Frustrate him. Because there are cabals that have tied his life.”
Ayodele explained that these internal forces are not just opposing the GMG’s reforms or leadership style, but are spiritually plotting to discredit and dismantle his influence. According to the prophet, these groups are determined to undermine the GMG’s success and force him into conflict and confusion within the organization.
“If he’s not careful, they will create commotion for him,” Ayodele warned. “They are not just fighting his position; they are fighting his peace and his purpose.”
The renowned prophet called on the GMG to be prayerful and spiritually alert, urging him not to rely solely on political loyalty or official power to withstand the coming storm. He emphasized that the battle was more spiritual than administrative.
“This is a time to seek divine protection and guidance,” Ayodele advised. “Those around him are not all loyal. Some are pretending while planning his fall.”
Ayodele’s message adds to growing concerns about internal politics and power struggles within Nigeria’s oil and gas sector, especially as the government pushes for reforms, transparency, and accountability at the NNPC.
Though the cleric did not mention a specific name, his warning has sparked speculation about tensions within the corporation and what steps leadership must take to avoid disruption.
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