The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned that the pump price of petrol could rise to as high as ₦2,000 per litre if the ongoing conflict in the Middle East persists.
The association also cautioned that diesel prices could climb to about ₦3,000 per litre if the global crisis continues to disrupt oil supply chains.
In a statement on Monday, the National President of PETROAN, Billy Gillis-Harry, said the continuing war involving Israel, the United States and Iran was already pushing global petroleum prices upward.
“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, the lack of clarity on when the conflict will end suggests that both international and domestic fuel prices may rise sharply in the coming days.
He explained that sustained missile and drone attacks in the region now threaten critical oil routes and infrastructure, creating uncertainty in global supply chains.
Gillis-Harry 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 the commencement of operations at the Area 5 plant of the Port Harcourt Refinery and the Warri Refinery.
The PETROAN president said reviving domestic refining capacity would help reduce Nigeria’s vulnerability to volatility in the international market.
Gillis-Harry warned that persistent increases in fuel prices could further deepen economic challenges across the country.
According to him, higher petrol and diesel prices would worsen inflation, increase transportation costs and push up the prices of goods and services.
“PMS remains essential for daily mobility, while AGO is vital for manufacturing and industrial operations,” he said.
He added that although the current situation may cause short-term hardship, the economic reforms introduced by Bola Ahmed Tinubu would ultimately bring relief and stimulate economic growth.
Meanwhile, global crude oil prices climbed above $100 per barrel on Monday, marking the highest level since July 2022 as tensions linked to the US-Iran conflict continue to escalate.
The surge has already triggered increases in petrol pump prices at several filling stations across Nigeria.
