Nigeria’s Petroleum Products Retail Outlets Owners Association (PETROAN) is urging the government to strengthen domestic refineries and ensure a steady crude supply, warning that the ongoing Middle East tensions could spike fuel prices and disrupt the local market.
Dr. Billy Gillis-Harry, PETROAN President, said the crisis around the Strait of Hormuz has already sent global oil prices soaring, with Brent crude nearing $80 per barrel and European gas surging by up to 50%. He stressed that Nigeria’s heavy reliance on imported refined products makes the local market vulnerable to external shocks, affecting pump prices, inflation, and foreign exchange stability.
“Operationalising local refineries and prioritising crude supply is now critical. We also urge the government to sustain the Naira-for-Crude policy to stabilise domestic fuel prices,” he added. PETROAN also called for the revamp of the four government-owned refineries to achieve full capacity and reduce import dependence.
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