US-Iran crisis: Nigerians pay more as 94 countries subsidise fuel

As 94 countries introduce fuel subsidies and price supports to cushion citizens from the US-Iran crisis and Strait of Hormuz disruption, Nigeria has left its citizens to absorb rising petrol costs, according to a report by Punch Newspapers.

The International Energy Agency said pump prices in Nigeria rose above N1,300/litre before easing to N1,200. Despite appeals from energy economists and industry groups like PETROAN and IPMAN for targeted relief, Finance Minister Taiwo Oyedele insisted subsidy removal remains “irreversible,” citing market-driven reforms and Nigeria’s ambition of building a $1tn economy by 2030.