PETROAN Warns PMS Price May Reach N2,000 Per Litre

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has issued a warning that the price of Premium Motor Spirit (PMS) could escalate to N2,000 per litre amid ongoing tensions in the Middle East. In a keynote address delivered in Port Harcourt, PETROAN President Bill Gilli Harri urged the Nigerian National Petroleum Company Limited (NNPC) to urgently enhance domestic refining capacity as a strategic measure to shield Nigeria from global petroleum market shocks.

Harri highlighted the alarming rise in global petroleum prices due to conflicts involving Israel, the United States, and Iran, with no clear resolution in sight. He noted that the price of PMS could approach N3,000 per litre if the situation persists.

Harri emphasized the importance of rehabilitating Nigeria's refineries to reduce exposure to international market volatility, especially given Nigeria's abundant crude oil resources. He also mentioned that current PMS prices above N1,000 are causing distress among motorists across the country.