More Challenges Ahead As Marketers Reveal Petrol Pump Price May Rise Further | Details

Nigerians may face more challenges ahead, as oil marketers in Nigeria have indicated a potential increase in the price of Premium Motor Spirit (petrol) due to rising tensions between Israel, Iran, and other parties.

The President of the Petroleum Products Retail Outlets Owners Association, PETROAN, Billy Gillis-Harry, disclosed this on Friday in an exclusive interview with Daily Post.

According to him, the rising price of crude, including Nigerian blends, to around $78 per dollar portends an imminent rise in the price of petrol in the country.

His comments come despite the inaugural distribution of petrol by Dangote Refinery on September 15, 2024.

Gillis-Harry said that amid Nigeria’s dependence on the import of fuel, there is the likelihood of a rise in pump price, which currently stands at between N950 and N1,150 per litre nationwide.

He was quoted:

“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. That is already a known principle.”

Recall that Brent and Nigeria’s crude futures stood at above $77 per barrel on Friday amid escalating conflict between Israel and Iran.

Earlier, the Nigerian National Petroleum Company Limited announced a fresh petrol pump price after it lifted fuel from Dangote Refinery on September 15.