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Fuel price in Nigeria may rise to N2,000 per litre for petrol and N3,000 for diesel
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Marketers blame ongoing Middle East conflict for rising global oil prices
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PETROAN urges government to strengthen domestic refining capacity
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned that the price of Premium Motor Spirit (PMS), commonly known as petrol, could surge to N2,000 per litre, while diesel may approach N3,000 per litre if the ongoing Middle East conflict continues.
The warning was issued by PETROAN National President Billy Gillis-Harry during a keynote address titled “Deconstructing Energy Trilemma” at an event hosted by Ignatius Ajuru University of Education in Port Harcourt.
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According to him, the crisis involving Israel, the United States, and Iran has significantly disrupted global energy supply chains, pushing oil prices upward. He noted that sustained drone and missile attacks threaten major oil routes and infrastructure, creating uncertainty in the global petroleum market.
Gillis-Harry explained that before the conflict, petrol sold at about N774 per litre, but prices have now risen above N1,000 per litre, representing roughly a 30 percent increase.
Diesel prices have also climbed from around N950 per litre to over N1,400 per litre, reflecting nearly a 49 percent increase.
He urged the Nigerian National Petroleum Company Limited (NNPC Ltd.) to urgently boost domestic refining capacity to shield Nigeria from international market shocks.
Specifically, he called on the company’s Group Chief Executive Officer, Bayo Ojulari, to ensure the immediate resumption of operations at government-owned refineries.
The PETROAN president highlighted the Port Harcourt Refinery and Warri Refinery as critical facilities that should resume production to strengthen Nigeria’s energy security.
He added that rehabilitating local refineries would reduce the country’s exposure to volatile international oil markets and help stabilise fuel prices in the long run.
Despite the challenges, Gillis-Harry expressed optimism that economic reforms introduced by Bola Ahmed Tinubu would eventually ease the pressure on Nigerians and support long-term economic growth.