PETROL PRICE COULD HIT N2000/LITRE IF US-IRAN WAR DEEPENS- PETROAN

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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned that petrol prices in Nigeria might go up to as much as N2,000 per litre if the Middle East war keeps going on.

In a statement on Monday, Billy Gillis-Harry, national president of PETROAN, 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 are now targeting key oil routes and infrastructure, causing uncertainty in global supply chains.