The Digest:
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned that petrol prices in Nigeria could soar to as high as N2,000 per litre if the Middle East conflict continues. National President Billy Gillis-Harry stated that diesel prices could approach N3,000 per litre under the same scenario. "PMS could rise close to N2,000 per litre while AGO may approach N3,000 per litre if the situation persists," he said in a statement on Monday. With global crude crossing $100 per barrel and no end to the conflict in sight, Gillis-Harry called on NNPC GCEO Bayo Ojulari to immediately commence production at Nigeria's local refineries, particularly the Area 5 plant at Port Harcourt and the Warri refinery. He warned that continued fuel price increases would worsen inflation, cause job losses, deepen economic hardship, raise transportation costs, and increase prices of goods and services nationwide.
Key Points
- PETROAN projects petrol could hit N2,000/litre, diesel N3,000/litre.
- Warning comes as Brent crude crosses $100 amid escalating Iran-US-Israel conflict.
- Calls for immediate production at Port Harcourt (Area 5) and Warri refineries.
- Warns of inflation, job losses, economic hardship if prices persist.
- Assures Tinubu's reforms will ultimately bring relief despite current crisis.
With crude at $100 and petrol already above N1,000, PETROAN drops a bombshell: if the Middle East war doesn't end, Nigerians could soon be paying N2,000 per litre, a nightmare scenario for an already burdened populace.
Sources: PETROAN Statement
