- Petrol Price May Hit ₦2,000 If Middle East Conflict Continues – PETROAN
- Diesel prices could reach ₦3,000 due to disruptions in global oil supply.
- Association urges NNPC to revive refineries to reduce market volatility.
The Petroleum Products Retail Outlets Owners Association of Nigeria has warned that the pump price of petrol in Nigeria could rise to as high as ₦2,000 per litre if the ongoing conflict in the Middle East continues.
The association also cautioned that diesel prices may climb to about ₦3,000 per litre if global supply chains remain disrupted by the crisis.
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EKO HOT BLOG reports that in a statement on Monday, PETROAN National President Billy Gillis-Harry said the ongoing conflict involving Israel, the United States, and Iran was already pushing global petroleum prices higher.
“PMS could rise close to ₦2,000 per litre while AGO may approach ₦3,000 per litre if the situation persists,” Gillis-Harry said.
According to him, uncertainty surrounding the duration of the conflict means international and domestic fuel prices could rise sharply in the coming days.
He explained that sustained missile and drone attacks in the region now threaten key oil routes and energy infrastructure, creating instability in global supply chains.
The PETROAN president called on the Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Bayo Ojulari, to facilitate the immediate resumption of production at Nigeria’s refineries.
He specifically urged authorities to commence operations at the Area 5 plant of the Port Harcourt Refinery and the Warri Refinery.
Gillis-Harry said restoring domestic refining capacity would help reduce Nigeria’s exposure to volatility in the global oil market.
He warned that sustained increases in fuel prices could worsen the country’s economic challenges.
According to him, higher petrol and diesel prices would increase transportation costs, fuel inflation and push up the prices of goods and services nationwide.
“PMS remains essential for daily mobility, while AGO is vital for manufacturing and industrial operations,” he said.
He added that although the situation may create short term economic pressure, reforms introduced by President Bola Ahmed Tinubu could eventually bring relief and stimulate economic growth.
Meanwhile, global crude oil prices climbed above $100 per barrel on Monday, reaching the highest level since July 2022 as tensions linked to the escalating conflict between the United States and Iran continue to rise.
The surge has already triggered increases in petrol pump prices at several filling stations across Nigeria.
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