PETROAN Warns US–Iran War Could Push Petrol Price to N2,000/Litre
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) says petrol price in Nigeria may rise to as high as N2,000 per litre if the Middle East war persists.
A statement signed by Billy Gillis-Harry, national president of PETROAN, on Monday, March 9, said diesel price could rise to about N3,000 per litre if the current situation continues
“PMS could rise close to N2,000 per litre while AGO may approach N3,000 per litre if the situation persists,” Gillis-Harry said.
The PETROAN executive said with no clear end to the conflict, petroleum product prices in both international and domestic markets are expected to rise sharply in the coming days.
Gillis-Harry, therefore, called on Bayo Ojulari, group chief executive officer, Nigerian National Petroleum Company (NNPC) Limited, to facilitate the immediate commencement of production at Nigeria’s local refineries, particularly the Area 5 plant at Port Harcourt refinery and the Warri refinery.
He emphasised that revamping Nigeria’s refineries for immediate domestic production is critical
Local refining, the PETROAN president said, would reduce exposure to international market volatility, especially as Nigeria has abundant crude oil resources under the custody of the NNPC.
Gillis-Harry noted that government-owned refineries are less vulnerable to global supply disruptions compared to privately-owned refineries, which are dependent on imported crude
He warned that continued fuel price increases “would worsen inflation, cause job losses, deepen economic hardship, increase transportation costs, and raise prices of goods and services nationwide”.
“PMS remains essential for daily mobility, while AGO is vital for manufacturing and industrial operations,” the PETROAN president said.
“The ongoing conflict involving Israel, the United States, and Iran is pushing global petroleum prices to alarming levels
“Sustained drone and missile attacks now threaten critical oil routes and infrastructure, creating uncertainty in global supply chains.”
Gillis-Harry assured Nigerians that President Bola Tinubu reform policies will ultimately bring relief to citizens and stimulate economic growth.
On Monday, global crude oil price crossed the $100 per barrel mark, signalling the highest surge since July 2022 as the US-Iran war continues.
The conflict has triggered a hike in petrol costs, with fuel stations in Nigeria raising pump prices
