The Dangote Refinery has reportedly increased the price of petrol to about ₦1,245 per litre, as the ongoing Middle East conflict involving Iran continues to disrupt global oil markets.

The latest adjustment reflects sustained volatility in crude oil prices, which have surged due to attacks on key energy infrastructure and fears of supply disruptions across the Gulf region. Global benchmarks have risen sharply, pushing up the cost of refined petroleum products worldwide.

Industry analysts say the refinery, like others operating in a deregulated market, prices its products based on international crude oil costs. Previous price movements this month have already seen petrol rise above ₦1,000 per litre before fluctuating in response to global oil trends.

The Iran-related crisis has significantly tightened global supply chains, especially following disruptions around critical transit routes such as the Strait of Hormuz, a key channel for oil shipments.

Experts warn that if tensions persist, fuel prices in Nigeria could remain elevated or increase further, with direct implications for transportation, food prices, and overall cost of living.

Consumers across the country are already feeling the impact, as higher fuel costs translate into increased transport fares and rising prices of goods and services.

Stakeholders in the downstream sector have called for measures to cushion the effect on citizens, while urging long term strategies to stabilise domestic energy supply.