Transport fares double as US-Iran war pushes petrol price to N1,200/litre

Fuel pump

The ripple effect of the war involving Iran, Israel, and the United States (US) is now being felt in Nigeria, as commuters’ fares skyrocket in response to crude oil price hitting a five-year high.

The US‑Iran war has disrupted crude oil supply, with Iran’s drone attack forcing Saudi Aramco to shut down its oil refinery, and global shippers suspending operations in major routes like the Strait of Hormuz and the Suez Canal over the escalating security risks in the Middle East.

This led to crude oil price rising to $100 per barrel on Monday, the highest since July 2022 — before easing to $90 on Tuesday.

With the war rattling the global oil market, the oil refinery in Nigeria, Dangote Refinery Petroleum, has increased its ex-gantry price from N774 before the war to N1,075 amid the war.

Following the spike in crude oil and ex-gantry petrol prices, retail stations’ pump prices have skyrocketed, resulting in transport fares doubling on some major routes in Nigeria.

According to a survey conducted by TheCable on Tuesday, it was observed that the price of petrol — which surged past N1,000 per litre on March 7 — continued to rise in several states, including Lagos, Ogun, and Kaduna.

In Lagos, the price of the product rose from N1,040 per litre to N1,230 per litre at Nigerian National Petroleum Company (NNPC) retail stations at Agege Motor road, Ago Palace Way, and Apple Junction.