Nigeria, March 3 -- There are strong indications that the domestic prices of petrol and other derivatives of crude oil and gas could rise sharply in tandem with the ongoing war involving the United States and Israel against Iran.

With the Strait of Hormuz shut and shipping activities around the Gulf region stalled, analysts warn that Nigerians should brace for a hike in petrol prices amid rising import and refining costs.

The stakes increased significantly following the abrupt closure of the Strait of Hormuz - the narrow waterway through which about half of the world's crude oil and condensates are exported.

Iran announced that the strait is closed and warned that it would fire on any vessel attempting to pass through it, according to ...