The Petroleum Products Retail Outlets Owners Association of Nigeria has warned that the ongoing Middle East crisis could disrupt Nigeria’s fuel market and raise pump prices.
In a statement issued Monday and signed by the association's National PRO, Dr Joseph Obele, PETROAN said the “escalating Middle East crisis threatens Nigeria’s fuel market” and highlights the urgent need to strengthen local refineries.
The group’s National President, Dr Billy Gillis-Harry, expressed “deep concern over the ongoing military escalation involving the United States, Iran, Israel, and allied nations,” saying the conflict has disrupted global energy markets.
PETROAN noted that tensions around the Strait of Hormuz — a major oil shipping route — have caused sharp increases in oil prices.
About 20% of the world’s crude oil passes through the Strait daily.
Brent crude has surged toward $80 per barrel, and analysts warn prices could exceed $100 if disruptions continue.
The association said such global shocks directly affect Nigeria because the country still relies heavily on imported refined petroleum products.
“Any sustained increase in crude oil prices will inevitably be reflected at petroleum retail outlets across Nigeria,” PETROAN said, adding that the impact could also affect foreign exchange stability and inflation.
To protect Nigeria’s energy security, PETROAN called for urgent action, including ensuring a steady crude oil supply to local refineries and sustaining the “Naira-for-Crude policy” to reduce pressure on foreign exchange.
The group also urged the government to “revamp the four government-owned refineries” to reduce dependence on imports and shield consumers from excessive fuel price shocks.
