Fuel Crisis Intensifies: Petrol Hits N975 as Middle East War Chokes Global Oil Supply

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ABUJA, NIGERIA — Today, Wednesday, March 4, 2026, marks a significant turning point for residents of the Federal Capital Territory (FCT). The U.S. Embassy in Abuja has officially cancelled all visa appointments and urged its citizens to remain in their residences due to a "high potential for violent protests." These demonstrations, spearheaded by various groups including the Islamic Movement in Nigeria (IMN), are in solidarity with Iran following the fifth day of devastating airstrikes by U.S. and Israeli forces. Security forces have been heavily deployed to the Central Business District and surrounding areas to prevent a repeat of previous violent clashes.

Domestic Economic Fallout: The N1,000 Petrol Threat The ripples of the Middle East conflict are being felt at every filling station across Nigeria. Following Iran's official closure of the Strait of Hormuz, global crude oil prices have surged past $84 per barrel. In response, retail prices for Premium Motor Spirit (PMS) in Lagos and Abuja have jumped from N875 to as high as N975 per litre in a single day. Industry experts warn that if the blockade of the world’s most vital oil artery continues, Nigerians could see petrol prices cross the N1,200 mark by the end of the week. Similarly, the price of cooking gas has spiked to N1,200 per kilogram, adding to the severe hardship faced by low-income households.

Transition of Power in Security Forces In a major domestic move, the Nigeria Police Council has ratified the appointment of Olatunji Disu as the new Inspector-General of Police (IGP). He is expected to be sworn in today by President Bola Tinubu during the Federal Executive Council (FEC) meeting. Disu takes over at a critical moment, with the task of managing nationwide security threats and the rising pro-Iran sentiments in cities like Kaduna, Kano, and Lagos.

International Military Developments On the global front, the war enters its fifth day with reports of loud explosions in Tehran and Jerusalem. President Donald Trump has rejected calls for negotiations, stating it is "too late" for diplomacy as U.S. forces continue to target Iranian nuclear enrichment sites, including the entrances to the Natanz facility. Meanwhile, the Nigerian government has officially suspended all religious pilgrimages to Israel and Jordan, citing the deteriorating security situation. Distress calls are pouring in from Nigerians stranded in Dubai, Qatar, and Kuwait as airspace closures continue to ground hundreds of flights.

Diplomatic Shifts Amidst the chaos, Poland has expressed a renewed interest in strengthening ties with Nigeria. The Polish Ambassador, Michal Cygan, hosted a forum in Lagos today, proposing a strategic partnership to help Nigeria navigate the current economic turbulence through improved agro-exports and technological cooperation.