Petrol prices could hit ₦1,000/litre if Middle East conflict escalates
Economist Paul Alaje warns petrol prices in Nigeria could surge to ₦1,000 per litre by April if the US-Israel-Iran conflict escalates, with diesel and aviation fuel also rising. Alaje, Chief Economist at SPM Professionals, stated on Channels Television that current ₦540 prices already reflect 9% cost increases, and sustained tensions could push PMS to ₦1,000. This would raise production costs for manufacturers and increase goods prices across sectors, disproportionately affecting the poor and middle class. While Nigeria could initially benefit from higher crude oil revenues during global supply shocks, Alaje cautioned that inflation from energy costs would offset these gains. Petrol prices have already risen nationwide.