PETROL PRICE MAY HIT ₦2,000 PER LITRE IN NIGERIA, PETROAN WARNS

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned that the pump price of petrol could surge to about ₦2,000 per litre if the ongoing geopolitical tensions in the Middle East continue to disrupt global oil supply.

The association’s National President, Billy Gillis-Harry, said the rising instability in the region particularly the escalation of conflict involving Iran and Western powers could push crude oil prices higher and trigger a sharp increase in the cost of refined petroleum products worldwide.

According to him, the situation could significantly affect Nigeria’s domestic fuel market, where petrol prices are closely tied to international crude oil benchmarks. He warned that Premium Motor Spirit (PMS) could climb close to ₦2,000 per litre, while diesel prices might approach ₦3,000 per litre if the conflict persists.

The development comes at a time when Nigerians are already grappling with rising fuel costs following the removal of the petrol subsidy by President Bola Ahmed Tinubu in 2023, a policy that shifted petrol pricing largely to market forces.

Industry analysts say Nigeria’s continued dependence on imported petroleum products and fluctuations in global oil prices remain key factors influencing domestic fuel costs. Disruptions in supply routes or increases in crude oil prices could therefore translate directly into higher pump prices across the country.

PETROAN urged the Nigerian government to accelerate efforts to stabilise the petroleum sector, including boosting local refining capacity and strengthening supply chains, to shield consumers from severe price shocks in the global oil market.

The warning has heightened concerns among motorists, transport operators and businesses, who fear that another sharp rise in petrol prices could worsen inflation and further increase the cost of transportation and basic goods nationwide.