The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the Nigerian National Petroleum Company Limited (NNPC Ltd.) to strengthen local refining capacity to protect the country from global fuel market shocks.
PETROAN President Billy Gillis-Harry made the appeal Monday during a keynote address at Ignatius Ajuru University of Education. He said ongoing tensions involving Israel, the US, and Iran have pushed global petroleum prices to worrying levels, disrupting supply chains.
He noted that Premium Motor Spirit (PMS) has risen from ₦774 to over ₦1,000 per litre, while diesel, or Automotive Gas Oil (AGO), has jumped from ₦950 to ₦1,400. Gillis-Harry warned that without local refinery operations, PMS could reach ₦2,000 and AGO nearly ₦3,000 per litre.
The PETROAN president urged NNPC to restart government-owned refineries, including the Area 5 Plant in Port Harcourt and the Warri Refinery. He also commended President Bola Ahmed Tinubu for oil and gas sector reforms, stressing that boosting local refining is key to stabilizing fuel supply and curbing inflation.
