Business

Nigeria Fuel Prices May Rise as Middle East Crisis Deepens

Published

7 months ago

March 2, 2026

Petrol Price Hits N1,450/Litre as Middle East Crisis Pushes Oil Above $108

Nigeria Fuel Prices May Rise as Middle East Crisis Deepens

Growing Middle East tensions triggered by ongoing military actions involving the United States and Israel against Iran may soon lead to higher fuel prices in Nigeria, following a surge in global crude oil prices to $72.87 per barrel.

The escalation followed a coordinated strike across multiple locations in Iran, including Tehran, significantly heightening geopolitical instability and fuelling fears of supply disruptions in global oil markets.

For Nigeria—where crude oil accounts for over 85 percent of export earnings and nearly half of government revenue—the implications are far-reaching. While higher oil prices could boost government income, analysts warn that Nigerians may soon face increased petrol (PMS) prices, especially in the current post-subsidy era.

Energy experts say the oil price surge presents a mixed outlook. Oil and gas analyst Ayodele Oni explained that while Nigeria could benefit from increased foreign exchange inflows, higher crude prices typically lead to higher landing costs for petrol, which are eventually passed on to consumers.

Similarly, energy expert Kelvin Emmanuel noted that Nigeria’s 2026 budget benchmark of $64.85 per barrel means the government stands to earn more revenue from rising oil prices. However, he warned that refineries will be forced to adjust fuel prices in line with market realities.

This includes domestic refiners such as the Dangote Refinery, which operates in a deregulated downstream environment where petrol prices are tied to crude oil costs, exchange rates, and operational expenses.

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Economic analyst Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), said geopolitical conflicts in the Middle East often trigger oil price spikes due to fears of supply disruptions—particularly around key shipping routes such as the Strait of Hormuz.

According to Yusuf, Nigeria could benefit from:

Higher crude export earnings
Improved foreign exchange inflows
Stronger external reserves
Increased FAAC allocations

However, he cautioned that Nigeria’s current oil production level of about 1.4–1.6 million barrels per day remains below capacity and is constrained by oil theft, pipeline vandalism, underinvestment, and infrastructure challenges. Without resolving these issues, the country may fail to fully capitalise on higher oil prices.

Yusuf also warned of inflationary pressures, noting that rising fuel costs could increase transport fares, food prices, manufacturing costs, and logistics expenses, worsening the cost-of-living crisis for Nigerian households.

Offering a more cautious outlook, energy economist Professor Wumi Iledare said the current oil rally may be temporary, explaining that modern oil markets operate on real-time data and rational expectations. He noted that unless the Middle East crisis leads to a sustained disruption in oil supply, prices may stabilise.

Energy law expert Professor Dayo Ayoade echoed this view, stating that many countries maintain strategic crude oil reserves, which could limit extreme price spikes. He added that even if prices approach $80 per barrel, Nigeria must remain cautious due to its debt obligations and oil-backed loans.

Ademola Henry Adigun, Chief Executive Officer of AHA Consultancies, said the crisis could further destabilise global energy markets, simultaneously boosting government revenue while raising petroleum product prices domestically.

Analysts stressed that to maximise potential benefits and minimise economic pain, Nigeria must:

Strengthen anti-oil theft and pipeline protection measures
Boost upstream oil production and investment
Expand domestic refining capacity
Save excess oil revenue during price surges
Protect vulnerable households from inflation shocks
Accelerate economic diversification beyond oil

Ultimately, experts describe the deepening Middle East crisis as a double-edged sword for Nigeria—offering short-term fiscal gains while posing serious risks of fuel price hikes, inflation, and economic hardship if not carefully managed.

Nigeria Fuel Prices May Rise as Middle East Crisis Deepens

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Abuja Demand Rises as Jetour Brings X70 Plus Experience to FCT

Published

18 hours ago

September 20, 2026

Trends Admin

Abuja Demand Rises as Jetour Brings X70 Plus Experience to FCT

Jetour Nigeria is taking its seven-seater X70 Plus SUV to Abuja as rising interest from motorists in the Federal Capital Territory and neighbouring states fuels the brand’s latest push to deepen its presence across Nigeria.

The X70 Plus will headline the Jetour Experience Abuja, holding from September 22 to 24 at Maha Event Centre, Area 8, Garki, following the strong response recorded during the Lagos edition, where motorists turned out for test drives and made enquiries about Jetour models.

The Abuja activation is designed to give prospective buyers direct access to the X70 Plus and other models, with opportunities to test-drive the vehicles, engage product specialists and experience their technology, safety and comfort features.

The X70 Plus is positioned as a family-oriented SUV, offering seven-seat capacity and a range of features targeted at customers seeking comfort, technology and practicality.

The SUV is available with 1.5-litre and 1.6-litre turbocharged engine options, with outputs of up to 145kW and 290Nm of torque, paired with a dual-clutch automatic transmission.

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Its safety equipment includes front, side and curtain airbags, Vehicle Stability Control, Hill-Start Assist, Hill-Descent Control and a 360-degree panoramic camera with 2D and 3D viewing modes. Advanced Driver-Assistance Systems are also available.

Inside the cabin, the X70 Plus features a 10.23-inch LCD touchscreen, dual-zone climate control with air purification, wireless charging, a panoramic sunroof and an eight-speaker audio system.

Jetour Nigeria, the authorised distributor of the brand in the country, currently operates through seven accredited dealers: Elizade Nigeria Limited, Mandilas Autos, R.T. Briscoe Motors, Germaine Auto Centre, Kojo Motors, Tab Autos Limited and New Era Auto Vehicle Services Limited.

The company said the dealer network supports vehicle sales, genuine spare-parts supply and after-sales services across the country.

Jetour has also received recent industry recognition in Nigeria, including Fastest Growing Auto Brand by the Nigeria Auto Journalists Association and Auto Brand of the Year at the Nigeria Transport Lecture and Awards.

The Abuja experience is expected to provide prospective customers in the FCT and surrounding states with direct access to the X70 Plus and other Jetour models as the brand continues its national market expansion.

Abuja Demand Rises as Jetour Brings X70 Plus Experience to FCT

Auto

Jetour Unleashes F700 Hybrid Pickup as Abuja Experience Begins Tuesday

Published

2 days ago

September 19, 2026

Trends Admin

Jetour Unleashes F700 Hybrid Pickup as Abuja Experience Begins Tuesday

Jetour is taking its premium pickup game to Abuja as the automaker prepares to showcase the powerful F700 hybrid pickup at the Jetour Experience Abuja, bringing a blend of electrified performance, luxury and rugged off-road capability to the Federal Capital Territory.

The three-day event, scheduled for September 22 to 24 at Maha Event Centre, Area 8, Garki, comes on the heels of strong reception in Lagos and is expected to draw commercial fleet operators, corporate buyers and luxury pickup enthusiasts keen to experience Jetour’s latest hybrid workhorse.

Following high-impact reception in Lagos, the Abuja activation, which holds at Maha Event Centre, Area 8, Garki, answers massive demand from commercial fleet leaders, corporate buyers, and luxury truck enthusiasts eager for an electrified workhorse built without compromise.

Jetour’s rapid ascendancy as Nigeria’s Fastest Growing Auto Brand and Auto Brand of the Year is backed by nationwide after-sales infrastructure, certified technicians, and genuine parts availability through its authorized dealer network including Elizade Nigeria Limited, New Era AutoVehicle Services, Germaine Auto Centre, Kojo Motors, Mandilas Autos, R.T. Briscoe and
Tab Autos.

The Ultimate Hybrid Powerhouse
Engineered on the heavy-duty platform of Jetour’s G700 luxury SUV, the double-cab F700 redefines utility.

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Stretching nearly 5.5 meters, it commands road presence via a high-tensile ladder-frame chassis and independent double-wishbone suspension engineered for punishing industrial demands and refined highway cruising alike.

Under the hood lies the revolutionary Kunpeng Super Hybrid CDM-O powertrain—pairing dual high-output electric drive motors with an onboard turbo petrol generator that seamlessly feeds the battery pack on the fly, eliminating range anxiety entirely.

According to Jetour, an advanced CATL 800V architecture surges the battery from 20% to 80% in just 10 minutes, achieving ultra-fast charging.

The vehicle delivers a monumental combined cruising range of up to 1,300 km on a single charge and tank, and achieves exceptional fuel economy, sipping as low as 1.39 L/100 km.

Conquering Terrain in First-Class Luxury
Engineered for unforgiving terrain, the F700 deploys Jetour’s intelligent XWD all-wheel-drive system governed by front, center, and rear mechanical differential locks.

With 9.5 inches of ground clearance and an imposing 900 mm water-wading capability, the F700 glides through deep water crossings, unpaved construction corridors, and rocky trails effortlessly.

Inside, the cabin abandons utilitarian compromises for bespoke executive refinement, featuring
35.4-inch Panoramic “Sky Screen” dominating the dash architecture.

Also, it features the 15.6-inch Central Command Touchscreen for seamless telematics and vehicle dynamics, Sculpted Luxury Finishes combining aviation-grade acoustic insulation, premium materials, and active driver-assist safety suites.

The three-day Jetour Experience Abuja will feature live technical walkarounds, rugged dynamic tests, and hands-on driving trials at the capital.

Jetour Unleashes F700 Hybrid Pickup as Abuja Experience Begins Tuesday

Auto

26th Abuja Motor Fair: NADDC, BKG Set November 10 Date for Auto Industry Show

Published

2 days ago

September 18, 2026

Trends Admin

26th Abuja Motor Fair: NADDC, BGK Set November 10 Date for Auto Industry Showcase

The National Automotive Design and Development Council and BKG Exhibitions Ltd have unveiled plans for the 26th Abuja International Motor Fair, scheduled to hold from November 10 to 13, 2026, at Eagle Square, Abuja.

The four-day event is expected to bring together major players across the automotive value chain, such as vehicle manufacturers and assemblers, component producers, financial institutions, technology firms, transport operators, logistics companies, development partners, investors and government agencies.

A three-day conference will also feature prominently at the fair, with the theme, “Driving Nigeria’s Automotive Transformation: Policy, Production, and Prosperity.”

A statement on Friday by BKG Exhibitions said the conference would examine key issues shaping the development of Nigeria’s automotive industry, with speakers drawn from various sectors of the industry and related fields.

Chairman of the Organising Committee and Managing Director of BKG Exhibitions, Mr Ifeanyi Agwu, said the conference would feature a keynote address by the Director-General of NADDC, Otunba Joseph Osanipin, alongside presentations and speeches by leading stakeholders in the automotive and transport sectors.

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According to him, the fair will provide participants with opportunities to engage industry leaders, investors, government officials and business executives while exploring emerging vehicles, technologies, products and investment opportunities.

Other highlights of the event are the Nigeria Automotive Excellence Awards Night, Abuja Automotive Road Show, Ultimate Test-Drive experience, exotic automobile displays and the Automotive and Future Mobility Arena.

Visitors will also have access to professional advice, technical papers and a showcase of some of Abuja’s finest cuisine.

The Abuja International Motor Fair has, over the years, evolved into one of Nigeria’s major automotive exhibitions and platforms for industry and policy dialogue.

The organisers said this year’s edition would further strengthen the platform’s role in promoting investment, innovation, local production and sustainable growth across Nigeria’s automotive sector.