Oseni Rufai Connects Nigeria's Fuel Price Hike to Global Conflict
Popular Nigerian journalist Oseni Rufai has reacted to the ongoing military conflict involving the United States, Israel, and Iran, linking it directly to the rising fuel prices in Nigeria. In a post shared on X on Sunday, March 8, 2026, Rufai called for an immediate ceasefire and urged world leaders to return to negotiations, highlighting the economic toll on Nigeria.
Conflict Escalation and Global Oil Disruption
The war between Iran, the United States, and Israel escalated in late February 2026 after a major military operation targeted Iran’s nuclear and military facilities. This conflict has disrupted key oil supply routes, causing global crude oil prices to surge sharply, with Nigeria experiencing significant impacts at the pump.
Rufai's Warning on Nigeria's Economic Loss
According to Oseni Rufai, the conflict has serious global consequences, particularly for oil-producing nations like Nigeria. He stated that Nigeria is not benefiting from the increase in global crude oil prices because much of the country’s oil output is already committed to debts and agreements with oil majors.
"I want this war between America, Israel and Iran to end this week. I want Saudi to lead calls for a ceasefire and complete de-escalation and all parties should go back to the negotiating table. This is my wish. Nigeria is losing hard and prices are rising," Rufai wrote.
Details on Nigeria's Oil Production Constraints
Rufai explained that despite the surge in global oil prices, Nigeria’s financial gains are limited. He noted that out of Nigeria’s approximately 1.5 million barrels per day (bps) of oil production, close to 900,000 bps goes to oil majors, and about 600,000 bps comes to the government, but much of this is encumbered by borrowing.
- Up to 250,000 bps is used to pay oil debts from operations like Gazelle, Leopard, and Bison.
- The remaining close to 300,000 bps is insufficient to meet domestic demands, such as those from the Dangote refinery, forcing imports of crude oil.
Online Reactions to Rufai's Statements
Rufai’s post sparked a heated debate online, with mixed reactions from users. Some agreed with his concerns about Nigeria’s economic struggles, while others argued that the country should still gain from higher oil prices.
- User @louiszino commented: "Yes prices will rise, but ultimately Nigeria gains because our budget was at 65 dollars per barrel, on today's price we already gain 25 dollars per barrel (that's 37.5m dollars daily). This is simple arithmetic, not everything is gloom. Facts matter."
- User @bafeez_ questioned: "But in Saudi Arabia, fuel prices aren’t rising, they’re stable, as if there is no war, even though missiles have been sent at them since last week. Why is Nigeria’s own different every time?"
- User @TosinBamidele8 added: "Sold upfront but not at a fixed price bro. So we’ll definitely benefit."
Broader Context and Related Events
The conflict has also seen significant developments, such as the death of Iranian Supreme Leader Ayatollah Ali Khamenei in an Israeli airstrike in Tehran. In related news, an Iranian woman in the US reacted online to reports of Khamenei’s death, sharing a celebratory video and reflecting on her journey from Iran to pursuing a PhD in engineering in the United States.
This situation underscores the interconnectedness of global conflicts and local economies, with Nigeria facing unique challenges in leveraging its oil resources amid international tensions.
