The price of petrol could become as high as ₦2000 per liter if Iran war persists -PETROAN
If the war in the Middle East doesn’t end soon, Nigerians may be paying as much as ₦2,000 per litre for petrol. That’s the warning from the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN).
PETROAN’s national president, Billy Gillis-Harry, said diesel could climb to around ₦3,000 per litre if the situation persists, warning 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.”
The numbers are already moving. Before the crisis, petrol sold at about ₦774 per litre. Neusroom can confirm that it now sells between ₦950 and ₦970 on the average and as high as ₦1000 in some Lagos filling stations. Diesel has jumped from ₦950 to around ₦1,400 per litre.
The core problem is the war on Iran. Attacks around the Strait of Hormuz, a critical shipping route that carries roughly 30% of global crude, have spooked international energy markets and pushed petroleum prices sharply higher.
“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 is calling on NNPC’s Group CEO, Bayo Ojulari, to urgently kickstart production at Nigeria’s idle refineries — particularly the Port Harcourt and Warri plants — arguing that local refining would shield Nigeria from international market volatility, especially given the country’s abundant crude oil resources.
The warning comes at a time when global petroleum markets remain deeply unsettled with no clear end to the conflict in sight.
Read also: Dangote Refinery Increases PMS Prices as Crude Costs Surge
