The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) raised the concern, warning that the prolonged conflict involving the United States, Iran, and Israel is already causing instability in the international oil market.
The National President of PETROAN, Billy Gillis-Harry, said the situation could also push the price of Automotive Gas Oil (diesel) to around ₦3,000 per litre if the tensions continue.
According to him, the conflict has begun to disrupt global oil supply routes and infrastructure through sustained attacks, creating uncertainty in the international petroleum market and pushing crude oil prices upward.
Gillis-Harry therefore urged the Nigerian National Petroleum Company (NNPC) Limited to accelerate the commencement of operations at the country’s local refineries.
He specifically called for the immediate activation of facilities such as the Area 5 plant at the Port Harcourt refinery as well as the Warri refinery.
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He explained that strengthening local refining capacity is essential to protect Nigeria from the volatility of the global oil market. With abundant crude oil resources available domestically, local production would reduce dependence on imported petroleum products.
The PETROAN president also warned that continued increases in fuel prices could worsen inflation, increase transportation costs, lead to job losses, and drive up the cost of goods and services across the country.
He noted that petrol remains a critical commodity for daily transportation, while diesel is essential for manufacturing and industrial activities.
Despite the current challenges, Gillis-Harry expressed optimism that the economic reforms introduced by President Bola Tinubu would eventually provide relief for Nigerians and stimulate economic growth.
Meanwhile, global crude oil prices have surged past $100 per barrel, marking the highest level since July 2022, as tensions in the Middle East continue to affect global energy markets. The development has already begun to reflect in rising fuel prices at filling stations across Nigeria.
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