The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has warned that petrol prices in Nigeria could soar to nearly ₦2,000 per litre if the ongoing crisis in the Middle East continues to escalate, raising fears of further economic hardship for Nigerians already struggling with rising living costs.
The warning was issued by PETROAN National President, Billy Gillis-Harry, while delivering a keynote address titled “Deconstructing Energy Trilemma” at an event organised by Ignatius Ajuru University of Education in Port Harcourt.
According to him, prolonged instability in the Middle East, a region responsible for a significant share of the world’s crude oil supply, could trigger a sharp surge in global petroleum prices, which would inevitably affect Nigeria due to its continued dependence on imported refined products.
Petrol, Diesel Prices Already Rising
Gillis-Harry noted that fuel prices have already risen significantly in Nigeria since tensions intensified in the Middle East.
He explained that Premium Motor Spirit (PMS), commonly known as petrol, previously sold for around ₦774 per litre, but has now climbed to over ₦1,000 per litre, representing an increase of roughly 30 percent.
Similarly, Automotive Gas Oil (AGO), also known as diesel, has experienced a sharp price increase. Diesel, which earlier sold at approximately ₦950 per litre, now sells for ₦1,400 per litre and above, marking a rise of nearly 49 percent.
He warned that if the geopolitical crisis worsens, petrol prices could reach ₦2,000 per litre, while diesel may climb to about ₦3,000 per litre, putting enormous pressure on businesses, transportation systems, and households.
To cushion the impact of global market volatility, Gillis-Harry urged the Nigerian National Petroleum Company Limited (NNPC Ltd.) to urgently strengthen the country’s domestic refining capacity.
He specifically appealed to the Group Chief Executive Officer of NNPC Ltd., Bayo Ojulari, to facilitate the immediate resumption of operations at government-owned refineries.
