The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) expressed concern that the price of petrol may rise to N2,000 per litre amid the ongoing Middle East tension if the nation’s refineries are not fixed.
National President of PETROAN, Billy Gillis-Harry, made the call in Port Harcourt while delivering a keynote address titled “Deconstructing Energy Trilemma,” organised by the Department of Petroleum Economics and Policy Studies at Ignatius Ajuru University of Education.
PETROAN urged the Nigerian National Petroleum Company Limited (NNPCL) to, as a matter of urgency, strengthen domestic refining capacity as a strategic step to shield Nigeria from the global petroleum market shocks.
National PRO of PETROAN, Dr. Joseph Obele, who disclosed this in a statement on Monday, said the association specifically called on the Group Chief Executive Officer of NNPC Ltd., Bayo Ojulari, to facilitate the immediate commencement of production at Nigeria’s local refineries, particularly the Area 5 Plant at the Port Harcourt Refinery and the Warri Refinery.
Harry noted that the ongoing conflict involving Israel, the United States, and Iran is pushing global petroleum prices to alarming levels.
He noted that 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.
He explained that before the crisis, Premium Motor Spirit (PMS) sold at N774 per litre but now sells above ₦1,000 per litre, representing an increase of about 30%.
Automotive Gas Oil (AGO), also known as diesel, previously sold at N950 per litre but has risen to N1,400 per litre and above, an increase of about 49%.
Projecting future trends, he warned that PMS could rise close to N2,000 per litre while AGO may approach N3,000 per litre if the situation persists.
