Petrol Prices May Reach ₦2,000 Amid Middle East Conflict

Billi Gilli Harri, the president of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), warned that petrol prices in Nigeria could escalate to ₦2,000 per litre if the conflict in the Middle East continues. He noted that diesel prices might climb to ₦3,000 per litre as global crises disrupt the oil supply chain.

Harri highlighted the uncertainty surrounding the conflict involving Israel, the United States, and Iran, which has already driven global petroleum prices upward. He urged the Nigerian National Petroleum Company (NNPC), led by CEO Bayo Ojulari, to expedite the resumption of operations at five refineries, including those in Port Harcourt and Warri, to mitigate Nigeria's vulnerability to international market volatility.

Harri cautioned that rising fuel prices would worsen inflation and increase transportation costs, thereby deepening economic challenges across the country. He emphasized the need for economic reforms under President Bola Ahmed Tinubu to stimulate growth and provide relief amid these pressures.