Fuel Sh*ck! Petrol Could Hit ₦2,000 Per Litre Amid Middle East War

According to industry sources, petrol prices in Nigeria could surge to ₦2,000 per litre if the ongoing Middle East conflict persists, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned. Diesel prices could also rise to nearly ₦3,000 per litre if global supply disruptions continue.

Speaking on Monday, PETROAN National President Billy Gillis-Harry noted that the war involving Israel, the United States, and Iran is already driving up global petroleum costs. “Petrol could approach ₦2,000 per litre, while diesel may hit ₦3,000 if the situation continues,” he said, adding that the uncertainty over when the conflict might end could lead to sharp price increases both internationally and domestically.

Gillis-Harry explained that sustained missile and drone attacks in the region are threatening key oil routes and infrastructure, creating volatility in global supply chains. He urged the Group CEO of Nigerian National Petroleum Company Limited, Bayo Ojulari, to expedite the resumption of production at the country’s refineries, particularly the Area 5 plant of the Port Harcourt Refinery and the Warri Refinery.

Reviving domestic refining capacity, he emphasized, would help reduce Nigeria’s exposure to international market fluctuations. He also warned that continued fuel price hikes could exacerbate economic challenges by increasing inflation, transportation costs, and the prices of goods and services. “Petrol is essential for daily mobility, while diesel is vital for manufacturing and industrial operations,” he said.

Gillis-Harry expressed optimism that ongoing economic reforms under President Bola Ahmed Tinubu would eventually provide relief and stimulate growth, despite short-term hardships.

Meanwhile, global crude oil prices climbed above $100 per barrel on Monday, the highest since July 2022, amid escalating tensions related to the US-Iran conflict. This has already resulted in higher petrol pump prices at multiple filling stations across Nigeria.