Several filling stations in parts of Abuja did not dispense Premium Motor Spirit (PMS), commonly known as petrol, on Monday, leading to concerns of a potential fuel scarcity in Nigeria’s capital.

In areas like Kubwa and Bwari in the Federal Capital Territory (FCT), motorists encountered empty fuel stations, causing queues to form at the few stations that had petrol available.

Motorists who engaged in panic buying expressed fears of an impending fuel price hike. This speculation emerged just days after the Nigerian National Petroleum Company Limited (NNPCL) denied reports of a planned fuel price increase.

However, the recent concerns over a fuel price hike can be linked to ongoing armed conflicts between Israel and Palestine in Gaza, which have led to rising oil prices in the international market.

Brent Crude, the international benchmark, increased by $2.25 a barrel to $86.83, while the price of West Texas Intermediate crude, the US benchmark, rose by $2.50 a barrel to $85.30.

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Oil prices surged more than 3% due to fears that the Israel-Palestine situation could disrupt Middle East oil output.

The Israeli-Palestinian conflict, similar to Russia’s invasion of Ukraine in 2022, is impacting the global economy and contributing to oil price fluctuations.

While Nigeria is a significant oil-producing nation, it relies on imported refined petroleum products, making it vulnerable to international market price shifts.

Katch Ononuju, an international affairs analyst, noted that the spike in oil prices was inevitable due to the crisis, adding that the conflict aimed to involve the US in discussions between Saudi Arabia and Israel. Hamas’ strategic actions have been influential in escalating the situation.

The conflict between Hamas and Israel, characterized by a significant military assault by Hamas and retaliatory Israeli airstrikes, has resulted in casualties on both sides, with a reported death toll exceeding 1,200. Israel has called up 100,000 reservists, indicating the likelihood of an escalation in the fighting.