By Niyi Jacobs


Nigerian oil marketers have warned of a potential increase in petrol prices due to escalating tensions between Israel, Iran, and other parties.

The President of PETROAN, Billy Gillis-Harry, stated that the rising price of crude oil, including Nigerian blends, to around $78 per dollar may lead to an imminent rise in petrol prices.

This comes despite the recent inauguration of Dangote Refinery’s petrol distribution.

Gillis-Harry noted that Nigeria’s dependence on fuel imports makes it vulnerable to global price fluctuations. The current pump price stands at between N950 and N1,150 per litre nationwide.

The conflict in the Middle East has already caused Brent and Nigeria’s crude futures to rise above $77 per barrel.