The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned that petrol prices could surge to nearly N2,000 per litre if current trends persist.
This is following Dangote Refinery and Petrochemicals’ hike of Premium Motor Spirit (PMS), to N1,175 per litre from N995 on Monday.
PETROAN urged the Nigerian National Petroleum Company Limited (NNPC Ltd) to urgently boost domestic refining capacity to insulate Nigeria from global petroleum market shocks. PETROAN president, Dr Billy Gillis-Harry said, “PMS could rise close to N2,000 per litre while AGO may approach N3,000 per litre if the situation persists,” Dr Harry warned.
PETROAN specifically called on NNPC Group CEO Engr. Bayo Ojulari to restart production at local refineries, including the Area 5 Plant at Port Harcourt and Warri Refinery, which operated briefly before shutting down for profitability assessments.
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Dr Harry linked the volatility to the Israel-US-Iran conflict, with drone and missile attacks disrupting oil routes and supply chains. Before the crisis, he noted, petrol sold at N774 per litre (now over N1,000, up 30 per cent) and diesel (AGO) at N950 (now N1,400+, up 49 per cent).He stressed rehabilitating government refineries to leverage Nigeria’s crude reserves under NNPC custody, making them less vulnerable than import-reliant private ones.
Continued hikes, he warned, would fuel inflation, job losses, economic hardship, higher transport costs, and pricier goods—PMS powers daily mobility, AGO industry.
Dr Harry lauded President Bola Ahmed Tinubu’s oil and gas reforms, urging him to order immediate refinery restarts for citizen relief and economic stimulus.
