Marketers Increase Fuel Prices Nationwide, as US-Iran War Escalates, New Rates Emerge
Marketers Increase Fuel Prices Nationwide, as US-Iran War Escalates, New Rates Emerge
Fresh petrol prices have emerged across major depots in Nigeria as marketers adjusted rates upward in response to growing uncertainty in the global oil market following renewed hostilities in the Middle East.Africans & Diaspora
The latest pricing released shows that several depot operators have increased the ex-depot cost of Premium Motor Spirit (PMS), popularly known as petrol, amid concerns that escalating tensions between the United States and Iran could disrupt global crude oil supplies.
Industry observers say the adjustments are largely precautionary, with marketers seeking to cushion the impact of any sharp rise in international crude prices should the crisis worsen.
The fresh increase comes after tensions flared in the Gulf region, with Iran announcing the closure of the strategic Strait of Hormuz following the expiration of its ceasefire arrangement with the United States.
According to reports, Tehran accused a commercial vessel of violating its maritime regulations and carrying out hostile activities, prompting the Islamic Revolutionary Guard Corps (IRGC) to intercept and strike the ship.
The IRGC said the vessel had travelled through an “unapproved route” and had switched off its tracking systems, adding that the Strait of Hormuz would remain closed “until further notice” and until what it described as the end of US interference in the region.
In response, the United States Central Command (CENTCOM) confirmed carrying out military strikes on more than 140 Iranian military targets, including missile launch sites, drone facilities, naval assets, ammunition depots and surveillance infrastructure. Washington said the operation was aimed at protecting civilian and commercial shipping through the strategic waterway.
The latest developments have heightened fears of disruptions to global oil exports, with the Strait of Hormuz serving as one of the world’s busiest energy transit routes.
Data from PetroleumPriceNG indicates that depot petrol prices increased by an average of 0.46 per cent compared to previous rates.
The fresh adjustments signal a departure from the previous benchmark of around N1,075 per litre at several depots.
