Nigerians may face more challenges as oil marketers signal a potential increase in petrol prices due to escalating tensions involving Israel, Iran, and other nations.
Billy Gillis-Harry, the President of the Petroleum Products Retail Outlets Owners Association (PETROAN), shared this during an exclusive interview with the DAILY POST on Friday.
He noted that the rising price of crude oil, including Nigerian blends, which has climbed to around $78 per barrel, could lead to a petrol price hike in the country. This warning comes despite the recent distribution of petrol by Dangote Refinery on September 15, 2024.
Gillis-Harry added that Nigeria’s heavy reliance on fuel imports makes a rise in pump prices, currently ranging between N950 and N1,150 per litre, very likely.
“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.”
Brent crude and Nigeria’s crude futures were trading at over $77 per barrel on Friday, amid growing tensions between Israel and Iran.
Earlier, the Nigerian National Petroleum Company Limited introduced a new petrol pump price after sourcing fuel from the Dangote Refinery on September 15.
…………
Note : To submit Press Releases, Statements, and Advert Inquiries for publication on Waffi blog (website) or Television 📺, please use the following contact details: You can send an email to info@waffitv.com or reach us via Whatsapp at 07068286500
