The Petroleum Products Retail Outlets Owners Association of Nigeria has warned that the pump price of petrol in Nigeria could soar to about ₦2,000 per litre if the ongoing conflict in the Middle East continues to disrupt global oil supply.
The association also cautioned that the price of diesel could rise to around ₦3,000 per litre should the crisis persist.
In a statement issued on Monday, PETROAN’s National President, Billy Gillis-Harry, said the escalating hostilities involving Israel, the United States and Iran were already exerting pressure on global petroleum markets.
According to him, the continuing exchange of missile and drone attacks in the region threatens major oil routes and critical infrastructure, raising uncertainty in international energy supply chains.
Gillis-Harry noted that if the situation persists without a clear resolution, global and domestic fuel prices may continue to rise sharply in the coming days.
The PETROAN president urged the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, Bayo Ojulari, to accelerate the revival of Nigeria’s refineries in order to reduce the country’s reliance on imported petroleum products.
He specifically called for the immediate commencement of operations at the Area 5 plant of the Port Harcourt Refinery as well as the Warri Refinery.
According to him, restoring domestic refining capacity would help cushion the impact of global price volatility on the Nigerian economy.
Rising Fuel Prices Could Worsen Economic Pressure
Gillis-Harry warned that further increases in fuel prices could intensify economic hardship across the country by driving up transportation costs and pushing the prices of goods and services higher.
He explained that petrol remains essential for daily transportation and mobility, while diesel is widely used in manufacturing, power generation and other industrial operations.
Meanwhile, global crude oil prices surged past $100 per barrel on Monday, the highest level recorded since July 2022 amid escalating tensions linked to the conflict between the United States and Iran.
The increase has already begun to affect Nigeria’s domestic market, with some filling stations reportedly adjusting petrol pump prices upward.
