The Petroleum Products Retail Outlets Owners Association of Nigeria has stated that the latest fuel price hike nationwide makes it inevitable for the Nigerian government to prioritize consistent crude oil supply to local refineries to provide global crude price volatility.
PETROAN spokesperson Joseph Obele disclosed this in a statement on Tuesday, quoting the National President, Billy Gillis-Harry.
This comes as Dangote Refinery hiked the gantry fuel price, which later triggered a nationwide retail petrol price upward review due to a crude price hike as a result of the escalating war between Iran, the US, and Israel in the Middle East.
DAILY POST reports that on Tuesday, Nigerian National Petroleum Company Limited, Ranoil, and Empire increased their retail fuel to between N960 and N980 per liter. https://dailypost.ng/2026/03/03/nnpcl-other-nigerian-filling-stations-increase-fuel-price/
Reacting, PETROAN said the ripple effect of the Middle East conflict and domestic fuel price hike explained the urgent need for the Nigerian government to consolidate and strengthen local refineries through unfettered crude supply.
“For Nigeria, these developments underscore the fragility of the domestic market’s reliance on imported refined 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 stressed the need to urgently revamp the four government-owned refineries to restore them to full operational capacity and reduce dependence on imported petroleum products.
War: Fuel price hike makes adequate domestic crude supply inevitable – PETROAN
