PETROAN warns US-Iran war could push petrol price to N2,000/litre

PETROAN warns US-Iran war could push petrol price to N2,000/litre

The Petroleum Retail Outlet Owners Association of Nigeria (PETROAN) says the price of petrol in Nigeria could rise up to N2,000 per liter if the war in the Middle East persists.

A statement signed on Monday, March 9 by Billy Gillis-Harry, national president of PETROAN, says the price of diesel could rise to around 3,000 naira per liter if the current situation continues

“PMS could approach N2,000 per liter while AGO could approach N3,000 per liter if the situation persists,” Gillis-Harry said.

The PETROAN executive said that without a clear end to the conflict, prices of petroleum products in both domestic and international markets are expected to rise sharply in the coming days.

Gillis-Harry, therefore, called on Bayo Ojulari, Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, to facilitate the immediate commencement of production in Nigeria’s local refineries, particularly the Area 5 facility at the Port Harcourt Refinery and the Warri Refinery.

He stressed 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 since Nigeria has abundant crude oil resources under the custody of the NNPC.

Gillis-Harry noted that state-owned refineries are less vulnerable to global supply disruptions than privately owned refineries, which rely on imported crude.

It warned that continued increases in fuel prices would “worsen inflation, cause job losses, deepen economic hardship, increase transportation costs and raise the prices of goods and services nationwide.”

“The PMS remains essential for daily mobility, while the AGO is vital for manufacturing and industrial operations,” said the PETROAN president.

“The ongoing conflict involving Israel, the United States and Iran is pushing global oil 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’s reform policies will ultimately bring relief to citizens and stimulate economic growth.

Global crude prices crossed the $100-a-barrel mark on Monday, signaling the highest surge since July 2022 as the war between the United States and Iran continues.

The conflict has triggered a rise in petrol costs, with petrol stations in Nigeria raising prices at the pump