Abuja, Nigeria – Oil marketers under the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have warned that ongoing military confrontations involving the United States, Iran, and Israel could disrupt petrol supply and push prices higher, citing the vulnerability of global energy supply chains to geopolitical shocks.
Okay News reports that PETROAN National President Dr. Billy Gillis-Harry expressed deep concern over the military escalation and its far-reaching implications for Nigeria’s petroleum sector. He noted that recent geopolitical tensions have significantly disrupted global energy markets, with crude oil benchmarks surging and analysts projecting prices could exceed $100 per barrel if disruptions persist.
The association cautioned that sustained conflict could affect not only pump prices but also broader economic indicators, including foreign exchange stability and inflation. As part of safeguards, PETROAN called for urgent measures to consolidate domestic refineries by ensuring consistent crude oil supply, revamp government-owned refineries to restore full operational capacity, and encourage sustained investment in Nigeria’s petroleum infrastructure.
The escalation began on February 28 when the US and Israel launched strikes on Iranian cities, with the strategic Strait of Hormuz becoming a focal point after Tehran targeted vessels transiting the passage carrying roughly 20 percent of global oil. Global shipping rates surged to all-time highs, with supertanker costs more than doubling. This petrol supply warning underscores Nigeria’s exposure to global oil price volatility and the need for strategic measures to shield consumers from sudden fuel price shocks.
