The article discusses how geopolitical tensions between the US and Iran, along with rising global oil prices, are driving up petrol costs in Nigeria.Despite a drop in crude oil prices to near pre-war levels, local petrol prices remain high due to factors like exchange rate fluctuations, shipping costs, and refining margins.

Analysts note that businesses are slow to adjust prices downward because they still have inventory purchased at higher costs and need to meet loan obligations.

Dangote refinery's shift to pricing fuel in USD has added volatility to the market, making domestic prices more sensitive to exchange rate swings.

Experts warn Nigerians to brace for prolonged high prices, as the country's limited crude production capacity and reliance on imports leave it vulnerable to global market shocks.

The piece highlights the broader economic impact, including reduced affordability of transportation and the need for infrastructure investment to stabilize the oil sector.