Composer not updating in laravel

I'm trying to run composer install on the terminal of cpanel but getting this error

Problem 1
    - Root composer.json requires nunomaduro/collision ^5.10 -> satisfiable by nunomaduro/collision[v5.10.0].
    - nunomaduro/collision v5.10.0 requires php ^7.3 || ^8.0 -> your php version (7.2.34) does not satisfy that requirement.
  Problem 2
    - laravel/framework[v8.54.0, ..., 8.x-dev] require php ^7.3|^8.0 -> your php version (7.2.34) does not satisfy that requirement.
    - Root composer.json requires laravel/framework ^8.54 -> satisfiable by laravel/framework[v8.54.0, ..., 8.x-dev].

I have already updated php version to PHP 7.3 (ea-php73) but still getting this error. Is there any way to properly run without updating php version

In error log i'm also getting this error:

PHP Fatal error: Uncaught TypeError: Argument 1 passed to Illuminate\Log\Logger::__construct() must be an instance of Psr\Log\LoggerInterface, instance of Monolog\Logger given, called in /home/----/vendor/laravel/framework/src/Illuminate/Log/LogManager.php on line 187 and defined in /home/----/vendor/laravel/framework/src/Illuminate/Log/Logger.php:43

Thanks

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