KEY POINTS
- Oil marketers warn that US, Iran and Israel tensions could push global crude above 100 dollars per barrel and raise Nigerian pump prices.
- Disruptions around the Strait of Hormuz have already driven up shipping costs and rattled energy markets.
- PETROAN urges urgent refinery upgrades and stronger local capacity to protect Nigeria from external shocks
Oil marketers in Nigeria, PETROAN, are raising fresh concerns that the escalating military confrontation involving the United States, Iran and Israel could soon hit home in the form of higher petrol prices and supply disruptions.
The warning came from the Petroleum Products Retail Outlets Owners Association of Nigeria, known as PETROAN, whose leadership says global energy markets are already reacting sharply to the crisis.
Speaking in Abuja, PETROAN National President Dr Billy Gillis-Harry said the ripple effects of the conflict are being felt across oil trading hubs, shipping routes and energy supply chains, and Nigeria will not be insulated if tensions continue to rise.
Global Oil Market on Edge
The current escalation traces back to February 28, 2026, when strikes linked to the United States and Israel hit Iranian cities, including parts of Tehran. Explosions and plumes of smoke were reported, while officials in Israel described the action as pre emptive. US President Donald Trump later confirmed that major combat operations had begun.
Crude oil benchmarks surged amid fears that supply from the Middle East could be disrupted. Analysts tracking global commodities say prices could climb above 100 dollars per barrel if the conflict drags on or expands.
A major concern is the Strait of Hormuz, the narrow waterway that carries roughly one fifth of the world’s oil supply. Heightened military activity in and around the corridor has driven up shipping insurance and freight costs, with supertanker rates in the region hitting record highs.
“Any sustained increase in crude oil prices will inevitably be reflected at petroleum retail outlets across Nigeria,” Gillis-Harry said while addressing journalists.
Nigeria may be a crude oil producer, but it remains heavily dependent on imported refined petroleum products. That dependence makes the country highly sensitive to global price swings.
PETROAN warned that if crude prices keep rising, the impact will not stop at the filling station.
