The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned that Nigerians may face worsening economic hardship as the prices of petrol and diesel could rise to ₦2,000 and ₦3,000 per litre respectively amid the ongoing conflict in the Middle East.
The National President of PETROAN, Billy Gillis-Harry, made the disclosure in a statement issued to QuickTake on Monday.
According to him, the recent surge in global crude oil prices—now above $100 per barrel—could significantly drive up the domestic cost of refined petroleum products in Nigeria in the coming days.
“PMS could rise close to N2,000 per liter, while AGO may approach N3,000 per liter if the situation persists,” Gillis-Harry said.
He warned that the sharp increase in fuel prices would have serious economic consequences across the country.
According to him, the development “would worsen inflation, cause job losses, deepen economic hardship, increase transportation costs, and raise prices of goods and services nationwide.”
As a way out of the looming crisis, PETROAN urged the Nigerian National Petroleum Company Limited (NNPCL) to immediately activate operations in the country’s local refineries.
The association specifically called for the full operation of the Area 5 plant at the Port Harcourt refinery and the Warri refinery to reduce dependence on imported refined products.
The warning from PETROAN comes as fuel prices continue to climb in the domestic market.
On Monday, Dangote Refinery and several depot owners further increased their gantry prices, with Dangote Refinery raising its price to ₦1,175 per litre, while Masters and Liquid Bulk depots adjusted theirs to ₦1,100 per litre.
QuickTake reports that within just one week, Dangote Refinery has raised its petrol gantry price three times, amounting to a cumulative increase of ₦396 per litre.
The current price of ₦1,175 per litre represents a significant jump from ₦799 recorded before February 28, 2026, when the United States and Israel carried out coordinated strikes on Iran, escalating tensions in the Gulf region.
Meanwhile, the Nigerian National Petroleum Company Limited (NNPCL), MRS, AA Rano, and other marketers were selling petrol between ₦1,082 and ₦1,100 per litre in Abuja and surrounding areas at the time of filing this report.
However, analysts expect pump prices to rise further following Dangote Refinery’s latest increase to ₦1,175 per litre.