The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned that the pump price of petrol may surge further if instability in the global oil market over the war in Iran persists.
Speaking on the development, the association’s National President, Billy Gillis-Harry, explained that sustained disruptions in global supply chains may push the price of petrol towards unprecedented levels.
He added that diesel, widely used in transportation and industrial operations, could also record a steep increase if the global situation worsens.
According to him, Nigeria’s heavy dependence on imported refined petroleum products leaves the country vulnerable to fluctuations in the international oil market.
Gillis-Harry urged the leadership of the Nigerian National Petroleum Company Limited (NNPCL) to accelerate efforts to strengthen domestic refining capacity and reduce exposure to external shocks.
He called on the Group Chief Executive Officer of the NNPCL, Bayo Ojulari, to prioritise bringing more local refining facilities into full operation.
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The move, he said, would help stabilise supply and moderate price volatility in the domestic market.
Industry operators believe that increasing output from refineries such as the Port Harcourt Refinery and the Warri Refinery could help Nigeria rely less on imported fuel and shield the economy from external disruptions.
The association also warned that a major increase in fuel prices could worsen inflation and raise transportation costs nationwide, putting additional pressure on households and businesses.
Meanwhile, international crude oil prices have continued to rise amid heightened geopolitical tensions in the Middle East involving Iran, Israel, and the United States, with analysts warning that prolonged instability could tighten global supply and sustain upward pressure on fuel prices worldwide.
