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Iran-Israel: Petrol May Hit N1,000 Per Litre As Oil Price Soars

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Global crude oil prices are expected to surpass $80 per barrel this week due to rising tensions between the United States and Iran. The oil market has reacted strongly to news of coordinated US-Israeli airstrikes on major Iranian nuclear facilities.

Petroleum product marketers have warned that petrol could soon cost N1,000 per litre, driven by the rising price of crude oil and fluctuations in the foreign exchange market.

This follows a “preemptive defensive strike,” in which the US launched overnight attacks on three major Iranian nuclear sites. According to President Donald Trump, the strike “obliterated” Tehran’s critical nuclear infrastructure, and coincided with an Israeli assault, further intensifying the conflict. Iran is the third-largest crude producer in OPEC.

In response, the Iranian parliament is reportedly taking steps to close the Strait of Hormuz, a key oil transit route responsible for nearly 20 per cent of global supply. The move caused immediate disruptions in the energy market, with Brent crude prices climbing and analysts forecasting further increases.

Energy analysts warned on Sunday that if Brent crude exceeds $80 per barrel, petrol in Nigeria could soon be sold at N1,000 per litre. The Chief Executive Officer of PetroleumPrice.ng, Olatide Jeremiah, noted that private depots are already preparing to raise loading costs.

Jeremiah explained that if crude prices rise above $80 by Monday morning, petrol could be sold for N1,000 at the depots. He pointed out that “Dangote remains a major determinant of petrol price” and that the temporary halt in sales last week by the refinery triggered a spike in prices. The refinery has resumed sales at N880 per two million litres.

The Independent Petroleum Marketers Association of Nigeria stated that the ongoing crisis between Israel and Iran continues to drive up crude prices, which is pushing global petrol prices higher.

On Friday, Dangote refinery increased its petrol prices from N825 to N880. In response, MRS Oil Nigeria and other retail outlets raised their pump prices to an average of N955 in the South East and North West.

A correspondent observed that filling stations were selling petrol at prices ranging from N930 to N960, depending on the location, with Lagos having the lowest price at N925 per litre.

Speaking to The PUNCH, IPMAN’s National Publicity Secretary, Chinedu Ukadike, attributed the increase to the instability in both global crude oil prices and the foreign exchange market. He stated that Brent crude rose from around $66 to $77 per barrel.

Ukadike said the changes in crude oil prices and foreign exchange rates directly impact domestic petrol prices. He noted that both Dangote refinery and fuel importers had adjusted prices on Friday in response to these changes.

According to him, the rising cost of lifting 50,000 litres of petrol is putting financial strain on independent marketers, leading them to reconsider their pricing strategies. Petrol prices in some parts of the North have already reached N980 to N1,000 due to higher transportation and logistics costs.

Ukadike said petrol refined by Dangote might not be significantly cheaper than imported products because the refinery sources crude at international rates. He added that “it depends on what the presidential committee on the naira-for-crude deal approves.”

Retail prices are expected to vary by region, with South-South states seeing prices up to N950 per litre due to easier access to marine terminals.

Earlier reports had it that importers recently increased prices following the rise in crude oil. Nigerian crude grades like Bonny Light, Brass River, and Qua Iboe climbed to $79 per barrel after Israel’s military actions against Iran heightened regional conflict fears.

According to Oilprice.com, Bonny Light sold at $78.62 per barrel, while Brent and WTI closed at $77 and $73.84 respectively, exceeding the Nigerian government’s 2025 budget benchmark of $75 per barrel.

Analysts have warned that these higher prices could lead to increased local fuel prices due to more expensive crude input. Since Monday, depots raised petrol prices in response to the escalating Middle East crisis.

Petrol prices rose from N825 to N840 at the start of the week. Rainoil increased its rate by N50 to N900 per litre, while Fynefield and Mainland set depot prices at N930 and N920 respectively.

Other sellers like Sigmund, Matrix Warri, NIPCO, and Aiteo also raised prices to between N840 and N920. SGR adjusted its pump price to N930.

The Nigerian National Petroleum Company Limited is expected to update its prices soon. Jorge Leon, Rystad’s head of geopolitical analysis and a former OPEC official, said “An oil price jump is expected.” SEB analyst Ole Hvalbye added that Brent crude could rise by $3 to $5 when markets open.

Ole Hansen of Saxo Bank predicted a possible $4 to $5 increase due to investor repositioning. Brent and WTI had fallen on Friday after the US imposed new Iran-related sanctions, including measures targeting Hong Kong-based entities.

Brent has increased by 11 per cent and WTI by 10 per cent since the conflict began on June 13, with Israel targeting Iranian nuclear sites and Iran responding with missile attacks on Tel Aviv.

Despite stable oil supply conditions and available OPEC spare capacity, analysts say supply disruptions could drive prices even higher, while a de-escalation would reduce risk premiums.

Meanwhile, reports suggest Iran’s parliament has voted to close the Strait of Hormuz. Although not officially confirmed, Esmail Kosari from the national security commission said, “For now, [parliament has] concluded we should close the Strait of Hormuz, but the final decision in this regard is the responsibility of the Supreme National Security Council.”

The Strait of Hormuz, 21 miles wide at its narrowest point, is a crucial maritime passage that connects the Persian Gulf to the Gulf of Oman and the Arabian Sea. Approximately 20 per cent of the world’s oil—17 to 18 million barrels per day—passes through it.

 

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No Permanent Terrorist Base in South-West — School Attack Was Isolated Event —- DHQ

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The Defence Headquarters (DHQ) says the recent attacks in Oyo state are isolated criminal incidents and do not indicate the presence of an established terrorist network in the region.

In a statement issued on Tuesday, Michael Onoja, the DHQ director of defence media operations, said previous military clearance operations in the Old Oyo National Park had significantly weakened criminal groups operating in the area.

The DHQ statement comes days after gunmen attacked Baptist Nursery and Primary School, Yawota; Community Grammar School, Esiele; and LA Primary School in Ogbomoso, all in the Oriire LGA of Oyo state.

Two people were killed during the attacks, while at least 45 schoolchildren, alongside a principal and several teachers, were reportedly abducted. One of the abducted teachers was later killed in captivity.

However, Onoja said intelligence assessments have shown that there is no permanent terrorist base within the forests or hinterlands of the south-west.

“It is pertinent to state that the incident was an isolated criminal act and does not reflect the existence of any entrenched terrorist structure in the region, as the Armed Forces had earlier conducted a comprehensive clearance operation of the Old Oyo National Park, effectively neutralising the operational capacity of criminal elements within that corridor,” the statement reads.

“Current intelligence assessments do not support the conclusion that any structured or permanent terrorist base exists within the forests or hinterlands of the South West region.

“Criminal elements, however audacious their recent activities, do not constitute an established insurgent presence, and the defence headquarters cautions against narratives that may cause unnecessary public panic or embolden adversaries by overstating their capabilities.”

Onoja assured families of the abducted victims that the military remained committed to ensuring their safe and unconditional release.

According to him, troops are currently carrying out search-and-rescue operations across forested areas of the state in collaboration with other security agencies and local vigilante groups.

“The joint effort with all security agencies and local vigilantes will ensure that the forest is thoroughly cleared of criminal elements and that lasting peace is restored to the region,” he said.

“The Armed Forces of Nigeria will not relent until every abducted victim is safely recovered, the criminal networks responsible are dismantled, and normalcy is fully restored across the South West and indeed all of Nigeria.”

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US Moves To Revoke Citizenship of Nigerian Convicted in $11.6m Fraud Case

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The United States Department of Justice has filed a civil complaint seeking to revoke the US citizenship of a Nigerian-born man, Emmanuel Oluwatosin Kazeem, convicted of masterminding a large-scale identity theft and tax fraud scheme that allegedly defrauded US authorities of millions of dollars.

In a statement published on its website on Monday, the department said the complaint was filed before the US District Court in Baltimore, Maryland, accusing Kazeem of unlawfully obtaining American citizenship through fraud and concealment of criminal conduct.

Kazeem was convicted in 2017 on 19 counts of mail fraud, wire fraud, aggravated identity theft, and conspiracy to commit fraud, and was sentenced to 15 years’ imprisonment.

His sentence was later commuted in 2024 by former US President Joe Biden after he had spent about six years in prison.

Announcing the action, Assistant Attorney General Brett A. Shumate said the administration would continue targeting individuals who fraudulently obtained US citizenship.

“The Trump Administration will not permit wrongdoers to retain the US citizenship that they were never entitled to in the first place,” Shumate said.

He added, “U.S. Citizenship is a privilege, and we will continue to ask courts to revoke a status that was obtained through fraud and deceit.”

According to the complaint, Kazeem’s fraud activities began before and continued after his naturalisation, which prosecutors argued made him legally ineligible for citizenship.

The department also alleged that Kazeem engaged in a sham marriage to obtain permanent resident status before later marrying another woman, an action authorities said further disqualified him from naturalisation.

Court documents showed the investigation started in 2013 after a victim in Medford, Oregon, informed the Internal Revenue Service that fake federal and state tax returns had been filed using her family’s personal identifying information.

Search warrants later executed in Illinois, Maryland, and Georgia reportedly uncovered prepaid debit cards, money orders, electronic devices, and cash tied to fraudulent tax refunds.

According to the Justice Department, the searches helped investigators identify Kazeem “as the leader and mastermind of the scheme.”

Authorities alleged that the syndicate possessed stolen personal identifying information belonging to more than 259,000 victims and that Kazeem purchased over 91,000 identities from a Vietnamese hacker who breached an Oregon company’s private database.

The department said Kazeem and his co-conspirators used the stolen identities to file fraudulent tax returns between 2012 and 2015, while also securing thousands of electronic filing PINs to bypass IRS security procedures.

“In total, Kazeem was linked to 10,139 fraudulent federal tax returns attempting to get over 91 million dollars in refunds and successfully received over 11.6 million dollars,” the statement said.

Authorities further alleged that more than 2,000 wire transfers valued at over $2.1m were sent to Nigeria, with over 700 transfers directly linked to Kazeem.

The statement added that Kazeem used proceeds from the scheme to make “a nearly $200,000 down payment on a newly constructed house” and also attempted to fund “a 6 million dollar, 4-star hotel in Lagos, Nigeria.”

The Justice Department said Kazeem transferred ownership interests in some U.S. properties to his sister in Nigeria for $10 shortly before his arrest in 2015.

It added that the case was jointly investigated by agencies including the FBI, IRS-Criminal Investigation, and the Department of Homeland Security, while the denaturalisation proceedings would now be handled by the Civil Division’s Office of Immigration Litigation.

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Residents in Fear After Woman in Her 60s is Raped, Strangled To Death in Badagry

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Residents of Oke Egan in the Ilogbo-Eremi area of Badagry, Lagos State, were thrown into shock on Friday after the body of a sexagenarian woman, Victoria Adegoke, was found abandoned in a nearby bush.

It was learnt from community sources on Sunday that the deceased was allegedly found naked and was suspected of having been raped and strangled before her body was dragged into the bush.

One of the photographs obtained by journalists on Sunday showed what appeared to be marks indicating that the victim’s hands had been tied by her assailants.

A community leader, who spoke on condition of anonymity because of the sensitivity of the incident, said Adegoke, believed to be in her 60s and a grandmother, was found around 6:10am on Friday.

He told our correspondent that the deceased had attended a programme at The Joy of Christ Ministry, popularly known as Ayo Jesu Church.

According to the source, Adegoke was allegedly ambushed by some hoodlums while returning home in the early hours of the day.

“The deceased is someone I know. Her daughter stays abroad. She went to church last Tuesday and had been there for some time because they were holding a programme that ended four days ago.

“She later stayed with one of her siblings who lives close to the church. It was while she was returning home around six in the morning that she was reportedly attacked.

“The suspects removed her clothes and underwear. They strangled her and also took her phone. Her ATM card and Bible were found at the scene,” the source said.

Another resident who identified himself only as Adeola described the incident as shocking, questioning why an elderly woman would be subjected to such brutality.

“She should be between 65 and 68 years old. Passersby found her body inside the bush and reported the matter at the police post in Ilogbo-Eremi.

“The police are aware of the incident and should be able to track the assailants through the woman’s stolen phone,” the resident said.

A community member, who also requested anonymity for fear of attack, described the area of the incident as notorious for violent crimes.

“The community is along the boundary between Lagos and Ogun states and is known for criminal activities. This is not the first time such a crime has happened here.

In fact, this would be about the fourth such incident reported in the area.

“The place is prone to violence, so people have to be careful. She was a grandmother, not a young woman. She was found naked, and it was when the police arrived that her body was covered. Her pants had been removed, which suggested she was raped,” the source added.

When contacted on Sunday, the spokesperson for the Lagos State Police Command, CSP Abimbola Adebisi, did not respond to calls or a WhatsApp message sent to his line at the time of this report.

This is not the first time a disturbing incident has been reported in Badagry. In November 2025, the corpse of an unidentified man was discovered in front of a filling station in the Seme area of the town.

The discovery was first reported by CityMood Badagry, a local social media news platform.

The deceased was found lying face-up, wearing what appeared to be a white top with black stripes, with parts of his chest and neck visibly exposed.

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