An Ekiti-born public administrator and policy analyst, Dr. Olusola John Ojo, has said that the recent increase in fuel prices in Nigeria should not be blamed on Bola Ahmed Tinubu, noting that the development is largely driven by global geopolitical tensions affecting the oil market.
Dr. Ojo, who is an oil and gas expert with extensive experience across the upstream and downstream sectors of the petroleum industry, explained that the ongoing tensions involving Israel, Iran, and the United States have significantly disrupted global crude oil supply expectations, leading to rising international oil prices and, consequently, higher fuel prices across many parts of the world.
According to him, Nigeria, like many other countries that depend on global crude oil pricing, cannot isolate itself from the ripple effects of such international crises.
Recent reports show that crude oil prices have surged following escalating tensions in the Middle East, particularly around the strategic Strait of Hormuz, a route through which a significant portion of the world’s oil supply passes.
Analysts warn that disruptions in that region could push global oil prices even higher, with direct consequences for fuel prices across many countries.
Dr. Ojo noted that in a deregulated petroleum market, the cost of petrol is largely influenced by the international price of crude oil and the cost of refining and distribution.
“The present fuel price adjustment is not a local political decision but a reflection of global realities. When crude oil prices rise due to conflicts or supply disruptions, the cost of refined petroleum products inevitably increases,” he said.
He added that the ongoing crisis in the Middle East has already caused crude oil prices to climb above previous levels, forcing refineries and marketers to review their prices to reflect the rising cost of crude and logistics.
Industry data shows that several fuel stations in Nigeria have recently adjusted pump prices upward, with petrol selling between ₦900 and nearly ₦1,000 per litre in some locations after refiners increased depot prices in response to global crude price movements.
Dr. Ojo emphasized that the situation is not unique to Nigeria, stressing that many economies around the world are currently facing similar energy price pressures as geopolitical tensions continue to affect global oil supply.
“The whole world is feeling the impact. Energy markets are interconnected, and any major disruption in the Middle East will inevitably affect countries across Africa, Europe, Asia and the Americas,” he said.
While acknowledging the hardship faced by Nigerians due to rising fuel costs, the policy analyst urged citizens to understand the global factors behind the development and avoid placing the blame solely on the Nigerian government.
He further called on policymakers to focus on strengthening Nigeria’s domestic refining capacity and energy diversification, which he said would help reduce the country’s vulnerability to external shocks in the future.
Dr. Ojo concluded that while the current situation may be difficult, improving local production capacity and energy infrastructure would be critical in insulating the Nigerian economy from global oil market volatility.
