Oil prices surge above $119 per barrel as Iran-Israel tensions push Nigeria’s petrol depot and retail prices higher, worsening economic pressure

Global oil prices surged above $119 per barrel on Thursday, driven by escalating tensions between Iran and Israel, raising fears of supply disruptions.

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The spike has pushed petrol depot prices in Nigeria higher, with retail pump prices increasing across major marketers, intensifying economic pressure on consumers.

The conflict in the Middle East has unsettled global energy markets, following retaliatory strikes by Iran targeting key energy facilities after Israel attacked the South Pars gas field.

Analysts warn that regional instability could severely disrupt the flow of oil and gas worldwide.

In Nigeria, the depot price of Premium Motor Spirit (petrol) has risen to about N1,200 per litre, up from N1,175, according to Petroleumprice.ng.

Major depots, including Parker and Zamson, adjusted their rates to reflect the global spike, while retail outlets such as MRS, Mobil, AP, and NNPC are selling petrol between N1,225 and N1,235 per litre in Lagos.

Economists warn that the rise in fuel costs is already rippling through the economy, driving up transport fares and increasing the cost of goods.

Many Nigerians are urging the federal government to implement targeted measures to ease the burden on households facing persistent inflation and shrinking purchasing power.

Meanwhile, disruptions at critical energy infrastructure in Qatar, including Shell’s Pearl gas-to-liquids plant and the Ras Laffan hub, as well as strikes in Saudi Arabia and Kuwait, have heightened concerns over global LNG supply.

Strait of Hormuz tanker traffic remains strained, and analysts predict continued volatility in oil markets in the near term.

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Despite efforts to strengthen local refining capacity through initiatives such as the Dangote Petroleum Refinery, Nigeria remains highly exposed to global oil price movements, with domestic fuel pricing closely tied to international benchmarks, exchange rates, and distribution costs.