The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned that the price of Premium Motor Spirit (PMS), commonly known as petrol, could surge to nearly ₦2,000 per litre if the ongoing crisis in the Middle East continues.

The National President of PETROAN, Billy Gillis-Harry, issued the warning while delivering a keynote lecture titled “Deconstructing Energy Trilemma” at an event organised by Ignatius Ajuru University of Education in Port Harcourt.

Gillis-Harry cautioned that continued increases in fuel prices could worsen inflation, lead to job losses, and deepen economic hardship across the country. He added that higher energy costs would also significantly raise transportation fares and the prices of goods and services nationwide.

According to him, petrol previously sold for about ₦774 per litre before the latest escalation in the Middle East but has now risen to over ₦1,000 per litre, representing an increase of roughly 30 percent.

He noted that Automotive Gas Oil (AGO), also known as diesel, has also experienced a sharp rise, increasing from about ₦950 per litre to over ₦1,400 per litre—an increase of nearly 49 percent.

The PETROAN president explained that if the conflict persists and global oil prices continue to rise, petrol could approach ₦2,000 per litre while diesel might climb close to ₦3,000 per litre.

He attributed the upward trend partly to the ongoing tensions involving Israel, Iran and the United States, which he said are already disrupting global energy markets.

Gillis-Harry noted that sustained drone and missile attacks in the region threaten vital oil routes and infrastructure, creating uncertainty in global petroleum supply chains.

To cushion the impact of such global shocks, he urged Nigerian National Petroleum Company Limited to urgently strengthen the country’s domestic refining capacity.

He specifically called on the Group Chief Executive Officer of NNPC Ltd., Bayo Ojulari, to facilitate the immediate resumption of production at Nigeria’s government-owned refineries.

According to him, priority should be given to reviving operations at the Port Harcourt Refinery, particularly the Area 5 Plant, as well as the Warri Refinery, both of which previously resumed operations briefly before shutting down again for profitability assessments.

Gillis-Harry emphasised that restoring domestic refining would help reduce Nigeria’s exposure to international oil market volatility and strengthen the country’s energy security.

He also pointed out that Nigeria possesses abundant crude oil resources under the custody of NNPC Ltd., which should be utilised to support local refining.

The PETROAN president further noted that government-owned refineries are generally less vulnerable to global supply disruptions than private refineries that may depend on imported crude supplies.

Despite the challenges facing the energy sector, Gillis-Harry expressed optimism that the economic reforms being implemented by Bola Ahmed Tinubu would eventually bring relief to Nigerians and stimulate long-term economic growth.