Petroleum marketers have warned that Nigerians should brace for another increase in the pump price of Premium Motor Spirit following fresh adjustments by the Dangote Refinery.
The refinery on Monday raised its gantry price of petrol to N874 per litre, citing rising crude oil prices linked to escalating hostilities involving Iran, the United States and Israel.
The development comes amid renewed tension in the Middle East after Israel reportedly eliminated top Iranian figures, including Ayatollah Ali Khamenei, prompting retaliatory strikes by Iran on US allies in the region.
The conflict has disrupted oil facilities in Saudi Arabia and Qatar, with reports that installations belonging to Saudi Aramco in Ras Tanura were hit, forcing a shutdown. Shipping activities in the Strait of Hormuz were also affected.
Global oil prices reacted sharply, with Brent crude climbing to $78.50 per barrel, while West Texas Intermediate rose to $71.84 as of Monday.
Analysts said prolonged instability could further strain energy supply chains.
Marketers under the Independent Petroleum Marketers Association of Nigeria and the Petroleum Products Retail Outlets Owners Association of Nigeria said the ripple effect would inevitably push domestic pump prices higher.
IPMAN spokesman, Chinedu Ukadike, projected that petrol could sell between N980 and N1,000 per litre in the Federal Capital Territory and nearby states, up from the N870 to N899 range recorded on Monday night.
Ukadike urged motorists to avoid panic buying, expressing confidence that supply would remain steady despite global uncertainties.
He, however, noted that rising crude prices and logistical pressures in the Gulf region would continue to influence local pricing.
Similarly, PETROAN National President, Billy Gillis-Harry, attributed the anticipated hike to disruptions in global crude supply, stressing that volatility in oil-producing nations typically compels local refineries to adjust prices in response to international market trends.