Nigeria fuel prices may rise as Iran attack sends global crude to $113

Global oil prices surged to $113 for Brent and $103 for West Texas Intermediate after an Iranian drone strike set Kuwait's oil tanker Al-Salmi ablaze early Tuesday. The tanker carrying 2 million barrels of oil (worth over $200 million) suffered hull damage but no injuries were reported, according to Reuters.

This geopolitical escalation could worsen Nigeria's fuel crisis, where retail petrol prices already stand between N1,295 and N1,370 per liter in Abuja. Dangote Refinery has increased gantry prices five times recently, settling at N1,200 per liter. Diesel and fuel prices have jumped over 50 percent this month alone.

US President Donald Trump warned the US would destroy Iran's energy infrastructure if Iran fails to reopen the Strait of Hormuz. With global oil supplies disrupted and tensions rising, Nigerian consumers should brace for potential further fuel price increases. How will you adjust your budget or transportation plans if fuel prices climb above N1,400 per liter?

SOURCE: https://dailypost.ng/2026/03/31/us-oil-prices-surge-as-irans-drone-sets-kuwaits-crude-tanker-ablaze/