Petrol to hit N2,000 per litre if Middle East war persists

By Lawrence Agbo

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has stated that petrol price in Nigeria may rise to as high as N2,000 per litre if the war in the Middle East persists.

Billy Gillis-Harry, national president of PETROAN, warned in a statement on Monday that if the current situation persists, diesel prices could increase to almost N3,000 per litre.

“PMS could rise close to N2,000 per litre while AGO may approach N3,000 per litre if the situation persists,” Gillis-Harry said.

Petroleum product prices in both local and international markets are predicted to rise dramatically in the upcoming days due to the lack of a clear resolution to the conflict, according to the PETROAN executive.

To enable prompt start-up of production at Nigeria’s domestic refineries, especially the Area 5 facility at the Port Harcourt refinery and the Warri refinery, Gillis-Harry met with Bayo Ojulari, group chief executive officer of Nigerian National Petroleum Company (NNPC) Limited.

He emphasised how important it is to renovate Nigeria’s refineries for urgent domestic production.

The president of PETROAN stated that local refining will lessen susceptibility to fluctuations in global markets, particularly because the NNPC is in charge of Nigeria’s huge crude oil resources.

Gillis-Harry pointed out that compared to privately-owned refineries, which rely on imported crude, government-owned refineries will face fewer disruptions in the worldwide supply.

He cautioned against further increases in fuel prices. “would worsen inflation, cause job losses, deepen economic hardship, increase transportationcosts, 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.”