Brace For Impact: Nigerians May Pay ₦2,000 Per Litre For Petrol Amid Global Tensions

The association also warned that the cost of diesel might rise to around ₦3,000 per litre if the global crisis keeps disrupting oil supply chains.

In a statement issued on Monday, PETROAN’s National President, Billy Gillis-Harry, said the escalating conflict involving Israel, the United States, and Iran is already driving global petroleum prices upward.

According to him, petrol prices could approach ₦2,000 per litre, while diesel might climb close to ₦3,000 per litre if the tensions persist.

Gillis-Harry noted that uncertainty over how long the conflict will last suggests that both global and local fuel prices may experience significant increases in the coming days.

He explained that continued missile and drone attacks in the region threaten vital oil routes and infrastructure, creating instability in the global oil supply chain.

The PETROAN president urged the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, to ensure the swift resumption of operations at Nigeria’s refineries.

He specifically called for the immediate restart of the Area 5 plant of the Port Harcourt Refinery and the Warri Refinery.

According to him, restoring domestic refining capacity would reduce Nigeria’s exposure to fluctuations in the international oil market.

Gillis-Harry also warned that persistent increases in fuel prices could worsen the country’s economic difficulties.

He explained that higher petrol and diesel prices would likely drive inflation, raise transportation costs, and lead to increases in the prices of goods and services.

“Petrol remains essential for everyday transportation, while diesel plays a critical role in manufacturing and industrial activities,” he stated.

He added that although the current situation may create short-term challenges, the economic reforms introduced by President Bola Ahmed Tinubu are expected to eventually ease the pressure and promote economic growth.

Meanwhile, global crude oil prices climbed above $100 per barrel on Monday, reaching their highest level since July 2022 as tensions linked to the US-Iran conflict continue to intensify.

The spike has already led to higher petrol pump prices at several filling stations across Nigeria.