Essentially, the countries that refine petrol for Nigeria to import may charge more for it because crude oil prices have gone up. Already, petrol prices are costly for Nigerian users.
Nigeria’s oil-dependent economy faces a dual-edged impact as Brent crude surged 13% to $78.50 per barrel following Israeli airstrikes on Iranian nuclear facilities and Tehran’s retaliatory drone attacks. The spike—the largest single-day jump since 2022—could temporarily boost government revenue, with Nigeria’s Bonny Light crude nearing $80, exceeding the 2025 budget benchmark of $75 11012. However, chronic production shortfalls (1.45 million bpd versus the 2.06 million bpd budget target) severely limit fiscal gains .
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For citizens, the crisis threatens sharper fuel price hikes. Nigeria imports 92% of its petrol, and rising global crude costs typically inflate import expenses. April’s average pump price already hit N1,239.33 per litre—a 76.73% year-on-year surge—with Imo State paying N1,588.50 2514. Energy economist Edwin Eze warned: “Higher landing costs may eventually be passed on to consumers”, particularly if Iran escalates disruptions to Middle Eastern supply routes like the Strait of Hormuz