The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned that the pump price of Premium Motor Spirit (PMS), popularly known as petrol, could rise to about N2,000 per litre if the ongoing U.S. vs Iran conflict continues to disrupt global oil supply.
The National President of PETROAN, Billy Gillis-Harry, made this known in Port Harcourt while delivering a keynote address titled “Deconstructing Energy Trilemma” at an event organised by the Department of Petroleum Economics and Policy Studies at Ignatius Ajuru University of Education.
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According to a statement signed by the association’s National Public Relations Officer, Dr. Joseph Obele, the ongoing conflict involving Israel, the United States, and Iran is already pushing global petroleum prices to worrying levels.
PETROAN noted that sustained drone and missile attacks in the region are thre+tening major oil routes and infrastructure, creating uncertainty in global supply chains and forcing petroleum prices upward.
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The association revealed that before the crisis, petrol sold at about N774 per litre, but the price has now risen to over N1,000 per litre, representing roughly a 30 percent increase.
Similarly, Automotive Gas Oil (AGO), also known as diesel, has jumped from around N950 per litre to over N1,400 per litre, marking nearly a 49 percent increase.
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Gillis-Harry warned that if the crisis persists, petrol could rise close to N2,000 per litre, while diesel may approach N3,000 per litre.
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