The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned that petrol prices in Nigeria could soar to N2,000 per litre if the ongoing war in the Middle East continues, with diesel potentially approaching N3,000 per litre.
Billy Gillis-Harry, PETROAN national president, stated on Monday that sustained conflict involving Israel, the United States, and Iran is driving up global petroleum prices, creating uncertainty in supply chains.
To mitigate the impact, Gillis-Harry met with Bayo Ojulari, Group CEO of the Nigerian National Petroleum Company (NNPC) Limited, stressing the need to renovate domestic refineries — including the Area 5 Port Harcourt and Warri refineries — to boost local production.
“Local refining reduces Nigeria’s vulnerability to global market fluctuations, particularly as NNPC manages the country’s crude resources,” he said.
The PETROAN president cautioned that unchecked fuel price hikes would worsen inflation, trigger job losses, deepen economic hardship, increase transportation costs, and raise prices of goods and services nationwide.
He emphasized that petrol (PMS) is essential for daily mobility, while diesel (AGO) is crucial for manufacturing and industrial operations.
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