The potential rise in petrol pump prices in Nigeria has become a pressing concern, as highlighted by Nigerian oil marketers. According to Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association (PETROAN), there is an imminent likelihood of a price hike due to escalating tensions between Israel and Iran.
This geopolitical conflict is expected to have a great impact on global petroleum product pricing, affecting not only Nigeria but also the international market.
As of October 4, 2024, Brent and Nigerian crude futures have risen above $77 per barrel. This increase in crude oil prices, including Nigerian blends, suggests that the current petrol prices in Nigeria, which range from N950 to N1,150 per liter, may soon rise further.
Gillis-Harry emphasized that "the price of petroleum products will go up with the Iran and Israel conflict escalation in the Middle East, not only in Nigeria but globally."
This situation arises despite the recent commencement of petrol distribution by Dangote Refinery on September 15, 2024. The Nigerian National Petroleum Company Limited had previously announced a new petrol pump price following this development. However, Nigeria's reliance on fuel imports makes it particularly susceptible to fluctuations in international oil prices and supply chain disruptions.
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