The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has sounded the alarm, warning that petrol prices could skyrocket to nearly ₦2,000 per litre, while diesel may hit ₦3,000 per litre if the ongoing Middle East conflict persists. This warning comes as global crude oil prices surge due to tensions between the US, Iran, and Israel, affecting Nigeria’s fuel market.
The association’s National President, Dr. Billy Gillis-Harry, expressed deep concern over the impact of the conflict on global energy markets, emphasizing Nigeria’s vulnerability due to its reliance on imported refined petroleum products.
PETROAN is calling for urgent action to strengthen domestic refineries, ensure steady crude oil supply, and sustain the “Naira-for-Crude” policy to mitigate the effects on the economy.
