NIGERIAN FUEL CRISIS: PETROAN Warns Petrol Could Surge to N2,000 as Middle East Conflict Destabilizes Global Supply

Nigeria's petrol prices could hit N2,000/litre. PETROAN president Billy Gillis-Harry warns of economic hardship and calls for urgent NNPC refinery repairs.

By: AXL Media

Published: Mar 9, 2026, 10:06 AM EDT

Source: The information in this article was sourced from The Sun Nigeria

A Volatile Forecast for the Nigerian Energy Market

Nigeria’s energy sector is facing a potential price explosion as the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) raises the alarm over the spillover effects of the Middle East war. Billy Gillis-Harry, the national president of PETROAN, stated on Monday that the lack of a clear resolution to the international conflict is driving global petroleum prices to "alarming levels." Under current trajectories, the association projects that Premium Motor Spirit (PMS) could nearly double to N2,000 per litre, while Automotive Gas Oil (AGO), or diesel, could climb toward N3,000 per litre.

The Middle East Factor and Global Supply Chains

The primary catalyst for this predicted price hike is the sustained drone and missile attacks on critical oil infrastructure and shipping routes in the Middle East. With the conflict involving major players like Israel, the United States, and Iran, global supply chains are experiencing unprecedented uncertainty. Gillis-Harry noted that as long as these critical routes remain under threat, petroleum product prices in both local and international markets will continue to climb. For Nigeria, which remains heavily dependent on fuel imports despite its status as a crude producer, this translates to immediate and painful volatility at the pump.

Refinery Rehabilitation as a Strategic Shield

In response to the looming crisis, PETROAN has intensified its advocacy for the urgent startup of Nigeria’s domestic refineries. Gillis-Harry recently met with Bayo Ojulari, the Group Chief Executive Officer of the Nigerian National Petroleum Company (NNPC) Limited, to push for the completion of repairs at the Warri refinery and the Port Harcourt refinery’s Area 5 facility. The association argues that local refining is the only way to reduce Nigeria’s vulnerability to fluctuations in the global market. Unlike private refineries that may rely on imported crude, state-owned facilities have direct access to Nigeria's vast domestic resources, potentially shielding the public from international supply disruptions.