The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned that the price of Premium Motor Spirit (PMS), popularly known as petrol, could rise to nearly ₦2,000 per litre, while diesel may approach ₦3,000 per litre if the ongoing conflict in the Middle East persists.
The National President of PETROAN, Billy Gillis-Harry, issued the warning while delivering a keynote address titled “Deconstructing Energy Trilemma” at an event organised by the Ignatius Ajuru University of Education onin Port Harcourt.
He cautioned that continued increases in fuel prices could worsen inflation, trigger job losses, deepen economic hardship, and significantly raise transportation costs as well as the prices of goods and services nationwide.
According to him, before the current Middle East crisis, petrol sold at around ₦774 per litre, but now sells for above ₦1,000 per litre, representing an increase of about 30 per cent.
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Similarly, Automotive Gas Oil (AGO), commonly known as diesel, which previously sold at about ₦950 per litre, has climbed to ₦1,400 per litre and above, reflecting an increase of nearly 49 per cent.
Gillis-Harry urged the Nigerian National Petroleum Company Limited (NNPC Ltd.) to urgently strengthen Nigeria’s domestic refining capacity as a strategic measure to shield the country from global petroleum market shocks.
He specifically appealed to the Group Chief Executive Officer of NNPC Ltd., Bayo Ojulari, to facilitate the immediate resumption of production at Nigeria’s government-owned refineries.
According to him, priority should be given to the Port Harcourt Refinery, particularly the Area 5 Plant, and the Warri Refinery, both of which previously operated briefly before shutting down again for profitability assessments.
Gillis-Harry lamented that the ongoing conflict involving Israel, the United States, and Iran is pushing global petroleum prices to alarming levels.
He noted that sustained drone and missile attacks now threaten critical oil routes and infrastructure, creating significant uncertainty in global energy supply chains.
“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,” he warned.
He stressed that rehabilitating Nigeria’s refineries for immediate domestic production remains crucial, noting that local refining would reduce the country’s exposure to international market volatility.
Nigeria, he said, has abundant crude oil resources under the custody of NNPC Ltd., which should be utilised to ensure energy security.
According to him, government-owned refineries are generally less vulnerable to global supply disruptions compared to privately owned refineries that may depend on imported crude supplies.
Despite the challenges, Gillis-Harry expressed optimism that the economic reforms being implemented by Bola Ahmed Tinubu would eventually bring relief to Nigerians and stimulate long-term economic growth.
