ABUJA, Nigeria (VOICE OF NAIJA)-The Petroleum Products Retail Outlets Owners Association of Nigeria has said the recent nationwide increase in fuel prices makes it imperative for the Federal Government to ensure steady crude oil supply to local refineries in order to cushion the impact of global crude price volatility.
PETROAN spokesperson, Joseph Obele, made this known in a statement on Tuesday while quoting the association’s National President, Billy Gillis-Harry.
The development follows a hike in gantry fuel prices by Dangote Refinery, which subsequently triggered an upward review of retail petrol prices across the country.
The increase was attributed to rising crude oil prices driven by the escalating conflict involving Iran, the United States, and Israel in the Middle East.
On Tuesday, the Nigerian National Petroleum Company Limited, Ranoil, and Empire raised their retail fuel prices to between N960 and N980 per litre.
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Responding to the situation, PETROAN noted that the ripple effects of the Middle East crisis and the domestic fuel price hike highlight the urgent need for the Federal Government to consolidate and strengthen local refining capacity through unrestricted crude supply
According to the association, these developments expose the vulnerability of Nigeria’s domestic market, which remains heavily dependent on imported refined petroleum products.
“PETROAN has emphasized that such external shocks directly threaten local pump prices and foreign exchange stability, reinforcing the urgent need to operationalize local refining capacity.
“As the conflict intensifies, global crude oil benchmarks have surged, with analysts projecting that prices could exceed $100 per barrel if disruptions persist.
This upward trend reflects growing concerns over potential supply shortages should shipping activities through the Strait of Hormuz remain restricted,” he stated.
PETROAN further called for the urgent rehabilitation of the country’s four government-owned refineries to restore them to full operational capacity and reduce reliance on imported petroleum products.