The Petroleum Products Retail Outlets Owners Association of Nigeria has warned that petrol prices in Nigeria could rise sharply if the ongoing conflict in the Middle East continues. According to the association, the price of petrol may climb to around ₦2,000 per litre in the coming weeks.

The National President of PETROAN, Billy Gillis-Harry, said the global crisis could also push diesel prices to nearly ₦3,000 per litre. He explained that the uncertainty in the international oil market is already affecting fuel costs in Nigeria.

Gillis-Harry noted that the conflict involving United States, Israel and Iran has disrupted global oil supply chains. These tensions have contributed to a rapid increase in crude oil prices worldwide.

He called on the Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Bayo Ojulari, to speed up production at Nigeria’s local refineries. According to him, facilities such as the Port Harcourt Refinery and Warri Refinery should begin operating fully.

The PETROAN leader stressed that increasing local refining capacity would reduce Nigeria’s dependence on imported petroleum products. He explained that domestic refining could help shield the country from sudden shocks in the global energy market.

He also warned that further increases in fuel prices could worsen inflation, raise transportation costs, and increase the price of goods and services. Despite the concerns, Gillis-Harry expressed hope that the economic reforms of Bola Ahmed Tinubu would eventually stabilise the energy sector and bring relief to Nigerians.