Oil marketers have warned Nigerians to prepare for a possible increase in the price of Premium Motor Spirit (PMS), commonly known as petrol, to around ₦1,500 per litre as tensions involving the United States, Israel and Iran continue to impact global energy markets.
The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr. Billy Gillis-Harry, gave the warning during an appearance on Channels Television’s The Morning Brief on Tuesday, where he discussed the implications of the ongoing conflict on fuel prices.
According to Gillis-Harry, the steady supply of petroleum products from the Dangote Petroleum Refinery remains a critical buffer for the Nigerian market despite the rising cost of fuel. He noted that product availability is currently more important than pricing given the global volatility affecting energy markets.
He explained that petrol prices had already exceeded earlier projections, rising above ₦1,000 per litre and reaching about ₦1,175 at the refinery’s gantry price. Once additional costs such as transportation, logistics and distribution are included, the pump price could increase significantly.
Gill-Harry stressed that a price level of around ₦1,500 per litre is not unrealistic under the current global circumstances. However, he advised Nigerians not to panic, stating that maintaining a steady fuel supply is preferable to facing widespread scarcity.
He added that ensuring consistent access to petrol would allow businesses to operate and help maintain some level of energy security in the country during a period of global uncertainty.
The comments come amid rising geopolitical tensions in the Middle East, which have pushed international oil and energy prices higher.
Meanwhile, Dangote Petroleum Refinery on Monday announced a revision of its ex-depot prices. The gantry price of petrol was increased to ₦1,175 per litre, while the price of Automotive Gas Oil (AGO), commonly known as diesel, rose to ₦1,620 per litre.
