• Pentagon report: U.S. spent $11b on Iran war in six days
• 3m displaced inside Iran, says UN
• Iran’s new supreme leader orders Strait of Hormuz shutdown
• NNPC reduces petrol price to N1,130 in Lagos, N1,165 in Abuja
• Workers urge govts to cushion effects of rising fuel costs

The cost of the U.S./Israel war on Iran, now in its second week, is taking a massive toll, with reports disclosing that the opening week of the war cost the United States more than $11.3 billion, while up to 3.2 million people have been displaced inside Iran since the Middle East war erupted.

According to the United Nations refugee agency on Thursday, “between 600,000 and one million Iranian households are now temporarily displaced inside Iran as a result of the ongoing conflict, which represents up to 3.2 million people.”

Ayaki Ito, who heads UNHCR’s emergency support team and is the refugee response coordinator for the Middle East emergency, warned that “this figure is likely to continue rising as hostilities persist, marking a worrying escalation in humanitarian needs.”

This is as officials from President Donald Trump’s administration estimated during a congressional briefing on Wednesday that the first six days of the war on Iran had cost the United States at least $11.3 billion.

With the war entering its 14th day, oil prices soared above $100 and stock markets extended losses as Iran’s new supreme leader ordered the Strait of Hormuz oil shipping lane to be kept closed, while U.S. President Donald Trump said stopping the Islamic Republic’s “evil empire” was more important than crude prices.

Concerns about a long, drawn-out conflict were not assuaged yesterday by the two leaders’ position. Brent North Sea crude, the international benchmark contract, peaked at $101.59 per barrel on Thursday. At $100 per barrel, Brent is up around 38 per cent from the eve of the conflict, which began in February.

The jump came despite the International Energy Agency (IEA) saying on Wednesday that it will release a record 400 million barrels of oil in an attempt to curb the economic impact of the U.S.-Israel war with Iran. Investors are increasingly concerned that the global economy will take longer to recover if strikes on shipping and energy infrastructure in and around the Strait of Hormuz continue.

Ayatollah Mojtaba Khamenei, who was reportedly injured in an air strike, has yet to appear publicly since his nomination last Sunday as supreme leader, and his defiant message was read by a newscaster on state television. He added that “a limited amount of Iran’s revenge for U.S. and Israeli strikes had taken concrete form, but until it is fully achieved, this case will remain among our priorities.”

NNPCL reduces petrol price to N1,130 in Lagos, N1,165 in Abuja
IN Nigeria, the Nigerian National Petroleum Company Limited (NNPCL) yesterday reduced the pump price of petrol at its retail outlets to N1,130 per litre in Lagos and N1,165 per litre in Abuja. The new pricing reflects a N100 reduction from the previous N1,230 per litre in Lagos and a N95 decrease from N1,260 per litre in Abuja.

Checks showed that the revised price was being dispensed at several NNPC retail stations in Lagos, including outlets along Isheri Oshun Road, Apple Junction and Ago Palace Way. Similarly, some stations operated by the national oil company in the Federal Capital Territory were selling petrol at N1,165 per litre, including outlets in Jabi, Lifecamp, Wuse Zone 5 and Wuse Zone 4.

The price adjustment follows a recent reduction in the ex-gantry price of petrol by the Dangote Refinery, which lowered its rate to N1,075 per litre amid easing global oil prices. According to OilPrice.com, Brent crude prices recorded a sharp reversal on Tuesday, falling by nearly 27 per cent from the previous day’s high of $119 per barrel to about $87 per barrel. Similarly, diesel is now priced at N1,430 per litre at the gantry, representing a N190 reduction from the earlier price of N1,620 per litre.

Workers seek palliative to cushion effects of rising fuel costs
AMID the frequent swings in the price of petrol, workers have called on the federal and state governments to urgently introduce temporary relief measures to cushion the harsh effects of rising fuel costs. In a statement, the workers, under the aegis of the Working People United (WoPU), a movement committed to good governance, urged President Bola Tinubu to act swiftly to ensure that Nigerian workers and citizens do not bear the full weight of a global crisis that is entirely beyond their control.

Signed by its Interim National Coordinator, Williams Akporeha, he lamented that the surge in fuel prices, largely driven by ongoing tensions and conflict in the Middle East, was placing additional economic pressure on millions of Nigerians.

According to him, rising transportation costs and the increasing prices of essential goods and services are eroding the modest gains achieved by the administration in recent years. He stated that the group believes the period was a critical moment that required proactive intervention from government at all levels to protect the welfare of workers and ordinary citizens.

As an immediate measure, WoPU urged the federal and state governments to provide free transportation for workers across major cities, similar to arrangements already introduced by the Kaduna State Government and those often implemented during festive periods. The initiative, Akporeha said, would help reduce the commuting burden on workers who travel daily to their workplaces.

He urged that the governments could also collaborate with transport unions and recognised transport companies to provide subsidised or cheaper transport services until the global crisis stabilises and fuel prices ease.

In addition, WoPU also called on the federal and state governments to partner with private and public sector employers, as well as their federating agencies, to introduce relief measures supporting all workers affected by the sudden rise in transportation and living costs.

The group stressed that governments should take deliberate steps to ensure that essential commodities are made available at reduced and controlled prices, as has been done in the past.

Also, crude oil refiners under the auspices of the Crude Oil Refinery Owners Association of Nigeria (CORAN) have called for the removal of freight and insurance components from the pricing structure for crude supplied to Nigerian refineries, saying this would significantly lower feedstock costs and enable local refiners to produce petroleum products at more stable and affordable prices.

In a policy statement sent out by the Publicity Secretary, Eche Idoko, CORAN, called for the adoption of a domestic crude oil pricing framework that would allow local refineries to access crude at more realistic prices, saying such a move would help stabilise fuel costs and shield Nigerians from global oil market volatility.

The association said the proposed pricing model had become more urgent in view of growing geopolitical tensions in the Middle East, particularly involving Iran, which are already affecting global oil markets. According to the association, adopting a pragmatic domestic pricing structure would help insulate the Nigerian economy from external shocks that often trigger spikes in the cost of refined petroleum products.

It explained that one of the key elements of the proposed framework would be the creation of a domestic crude pricing mechanism that excludes freight and maritime insurance costs, noting that locally supplied crude does not incur such charges. The association noted that such an adjustment could significantly reduce the cost of crude feedstock for domestic refineries, making it easier for them to supply refined products to the local market at competitive prices.

Nigeria misses OPEC quota as crude oil production falls to 1.31 million bpd
THE country, however, missed its Organisation of Petroleum Exporting Countries (OPEC) allocated oil production quota in February as crude oil production fell to 1.31 million barrels per day (bpd). Latest OPEC data shows that the figure represents a 10.69 per cent decline from the 1.45 million bpd recorded in January.

The drop comes amid ongoing operational challenges and geopolitical tensions affecting global oil markets. OPEC’s monthly report, released on Wednesday, noted that the figures were derived from direct communication with Nigerian authorities, highlighting the country’s reporting channel to the cartel.

The latest data indicates that Nigeria missed its OPEC production quota of 1.5 million bpd, falling short by roughly 190,000 bpd. Secondary sources, however, showed that Nigeria’s crude production stood slightly higher at 1.46 million bpd, down 0.68 per cent from January’s 1.47 million bpd.

Despite the shortfall, Nigeria maintained its position as Africa’s leading oil producer, surpassing Libya, which produced 1.28 million bpd. OPEC’s data show that total crude oil production from member countries averaged 42.72 million bpd in February, up 445,000 bpd month-on-month.