Nigerians should brace up for an escalation of the present hardship in the country as Nigerian oil marketers have hinted that there may be a fresh Petrol price hike as tensions build up between Israel, Iran and the Middle East.
The President of the Petroleum Products Retail Outlets Owners Association, PETROAN, Billy Gillis-Harry, disclosed this on Friday in an interview with DAILY POST.
According to the PETROAN boss, the hike in the price of crude, which applies to the Nigerian blends, to around $78 per dollar makes an imminent rise in the price of petrol in the country unavoidable.
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.
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“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.”
Meanwhile, Brent and Nigeria’s crude stands at above $77 per barrel on Friday with the escalating conflict between Israel and Iran.
