The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) says petrol price in Nigeria may rise to as high as N2,000 per litre if the Middle East war persists.
In a statement on Monday, Billy Gillis-Harry, national
president of PETROAN, said diesel price could rise to about N3,000 per litre if
the current situation continues.
“PMS could rise close to N2,000 per litre while AGO may
approach N3,000 per litre if the situation persists,” Gillis-Harry said.
The PETROAN executive said with no clear end to the
conflict, petroleum product prices in both international and domestic markets
are expected to rise sharply in the coming days.
Gillis-Harry, therefore, called on Bayo Ojulari, group chief
executive officer, Nigerian National Petroleum Company (NNPC) Limited, to
facilitate the immediate commencement of production at Nigeria’s local
refineries, particularly the Area 5 plant at Port Harcourt refinery and the
Warri refinery.
He emphasised that revamping Nigeria’s refineries for
immediate domestic production is critical.
Local refining, the PETROAN president said, would reduce
exposure to international market volatility, especially as Nigeria has abundant
crude oil resources under the custody of the NNPC.
Gillis-Harry noted that government-owned refineries are less
vulnerable to global supply disruptions compared to privately-owned refineries,
which are dependent on imported crude.
He warned that continued fuel price increases “would worsen
inflation, cause job losses, deepen economic hardship, increase transportation
costs, and raise prices of goods and services nationwide”.
“PMS remains essential for daily mobility, while AGO is
vital for manufacturing and industrial operations,” the PETROAN president said.
“The ongoing conflict involving Israel, the United States,
and Iran is pushing global petroleum prices to alarming levels.
“Sustained drone and missile attacks now threaten critical
oil routes and infrastructure, creating uncertainty in global supply chains.”
Gillis-Harry assured Nigerians that President Bola Tinubu
reform policies will ultimately bring relief to citizens and stimulate economic
growth.
On Monday, global crude oil price crossed the $100 per
barrel mark, signalling the highest surge since July 2022 as the US-Iran war
continues.
The conflict has triggered a hike in petrol costs, with fuel
stations in Nigeria raising pump prices.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com