The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has advised the federal government to ensure a steady crude oil supply to local refineries to reduce the impact of global disruptions on Nigeria’s petroleum market.
In a statement on Tuesday, national public relations officer (PRO) of PETROAN, Joseph Obele, called for proactive steps to address the situation.
PETROAN emphasised the urgent need to consolidate and strengthen Nigeria’s domestic refineries through the provision of adequate and consistent crude oil supply, stating that the proactive approach is essential to minimising the impact of external geopolitical shocks on the nation’s petroleum market.
According to the statement, Billy Gillis-Harry, national president of PETROAN, expressed concern about the ongoing military escalation involving the United States (US), Iran, Israel, and allied nations and the wide-ranging effects it could have on the global energy industry, especially Nigeria’s petroleum sector.
Gillis-Harry said sustained increases in crude oil prices would inevitably lead to higher prices at petroleum retail outlets nationwide.
He warned that if the crisis persists, its effects will go beyond pump prices, impacting foreign exchange (FX) stability, domestic fuel pricing, and overall inflation.
In light of this, the PETROAN president urged swift and strategic measures to protect Nigeria’s energy security.
