PETROAN Warns Petrol Prices Could Hit ₦2,000 per Litre Amid Middle East Tensions

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PETROAN Warns Petrol Prices Could Hit ₦2,000 per Litre Amid Middle East Tensions

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned that the pump price of Premium Motor Spirit (PMS) could surge to ₦2,000 per litre due to ongoing geopolitical tensions in the Middle East.

In response to the looming price pressure, PETROAN called on the Nigerian National Petroleum Company Limited (NNPCL) to strengthen domestic refining capacity, describing it as a critical strategy to insulate Nigeria from shocks in the global petroleum market.

Call for Strategic Domestic Refining

The warning and policy recommendation were delivered by PETROAN’s National President, Billy Gillis-Harry, during a keynote address titled “Deconstructing Energy Trilemma”. The event was organized by the Department of Petroleum Economics and Policy Studies at Ignatius Ajuru University of Education in Port Harcourt.

Billy Gillis-Harry emphasized that reliance on imported refined fuel exposes Nigeria to price volatility in global markets, particularly amid rising crude oil prices and supply disruptions triggered by geopolitical conflicts. Expanding domestic refining capacity, he argued, would help stabilize fuel supply and reduce the impact of international price shocks on Nigerian consumers.

PETROAN’s Key Recommendations

According to a statement signed by PETROAN’s National PRO, Dr. Joseph Obele, the association urges:

  • Immediate investment in domestic refinery infrastructure to increase local fuel production

  • Improved operational efficiency in existing refineries to maximize output

  • Strategic planning to ensure Nigeria can maintain fuel supply during global market disruptions

The association highlighted that the combination of domestic production and strategic stockpiles would provide a buffer against external price pressures and mitigate the risk of sudden fuel price spikes.

Implications for Consumers

With PMS prices potentially reaching ₦2,000 per litre, Nigerian motorists and businesses could face significant cost increases, affecting transportation, logistics, and general economic activity. PETROAN’s warning underscores the vulnerability of the Nigerian fuel market to external shocks and the urgent need for proactive domestic measures.

Looking Ahead

The ongoing Middle East tensions continue to drive volatility in global petroleum prices. For Nigeria, strengthening domestic refining capacity is increasingly seen as a prudent policy response to reduce dependence on imported fuels and protect consumers from sudden price surges.

PETROAN’s advocacy highlights the importance of long-term strategic planning in Nigeria’s energy sector, ensuring that fuel availability and affordability are maintained even amid global market uncertainties.

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