The Petroleum Products Retail Outlets Owners Association of Nigeria has called on the Federal Government to guarantee uninterrupted crude oil supply to domestic refineries, following the latest surge in petrol prices across the country.

The association said the recent adjustments in pump prices highlight the risks of depending heavily on imported refined products, especially at a time of heightened geopolitical tension in the Middle East.

The price increase followed a review of gantry rates by the Dangote Refinery, which marketers say was influenced by rising global crude oil prices amid the escalating conflict involving Iran, the United States and Israel. The development has led to higher retail prices nationwide.
On Tuesday, the Nigerian National Petroleum Company Limited and other marketers adjusted pump prices to between N960 and N980 per litre in several locations.

In a statement issued by its spokesperson, Joseph Obele, PETROAN quoted its National President, Billy Gillis-Harry, as saying that the ripple effects of the Middle East crisis on global oil benchmarks could push crude prices beyond $100 per barrel if supply disruptions persist.
According to the association, any prolonged restriction of shipping activities around critical oil transit routes such as the Strait of Hormuz could tighten global supply and further strain Nigeria’s foreign exchange position.

PETROAN argued that the recurring exposure to external shocks makes it urgent for the government to strengthen local refining capacity. It stressed that consistent crude allocation to domestic refineries would help stabilize supply, moderate pump prices and reduce pressure on the naira.

The group also renewed its appeal for the rehabilitation and full restoration of operations at Nigeria’s four state-owned refineries, noting that boosting local output remains key to insulating the country from global oil market volatility.