President of the Dangote Group, Aliko Dangote, has cautioned that Nigerians and other countries may soon face significantly higher fuel prices if the ongoing conflict between Iran and Israel persists.
Dangote, speaking in a video interview with Platinum TV, stated that the escalating Middle East crisis is already affecting global crude oil supply chains, pushing up prices and limiting the availability of refined petroleum products.
According to him, continued hostilities could force nations that rely on imported fuel to pay “very high prices,” as instability around key oil routes and production hubs worsens the global energy situation.
The warning comes amid rising oil prices triggered by attacks on energy infrastructure and fears of supply disruptions, particularly around critical transit routes like the Strait of Hormuz.
Dangote emphasized that although Nigeria now has increased domestic refining capacity, global crude oil prices still play a major role in determining local pump prices, meaning prolonged conflict could translate to higher costs for consumers.
His remarks align with recent market trends, which have seen petrol prices rise locally following increases in crude oil costs linked to the Middle East crisis.
Experts have also warned that if tensions continue to escalate, oil prices could surge further, worsening inflation and increasing transportation and production costs worldwide.
Dangote called for urgent diplomatic efforts to de-escalate tensions, stressing that stability in the global oil market is critical to preventing economic strain on developing economies like Nigeria.