PETROAN warns Middle East conflict threatens petrol supply, prices

Oil marketers under the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have warned that the ongoing military confrontations involving the United States, Iran, and Israel could disrupt petrol supply and push prices higher.

The warning was highlighted in a press statement by the National Public Relations Officer (PRO) of PETROAN, citing the association’s National President, Dr. Billy Gillis-Harry.

Geopolitical tensions in the Middle East, according to PETROAN, have already begun to affect global energy markets and could have far-reaching implications for Nigeria’s petroleum sector.

MoreStories

ITU secures $82 billion to connect 2.2 billion people globally

March 3, 2026

Oil shipping rates climb to all-time high amid Middle East conflict

March 3, 2026

What they are saying

PETROAN has highlighted the potential for crude oil prices to surge if disruptions persist, emphasizing the vulnerability of global supply chains.

• “The National President of PETROAN, Dr. Billy Gillis-Harry, while addressing journalists in Abuja, expressed deep concern over the ongoing military escalation involving the United States, Iran, Israel, and allied nations, and its far-reaching implications for the global energy industry, particularly Nigeria’s petroleum sector.”
• “Recent geopolitical tensions have significantly disrupted global energy markets and supply chains.”
• “As the conflict intensifies, global crude oil benchmarks have surged, with analysts projecting that prices could exceed USD 100 per barrel if disruptions persist. Any sustained increase in crude oil prices will inevitably be reflected at petroleum retail outlets across Nigeria.”

The statement underscores Nigeria’s exposure to global oil price volatility due to geopolitical crises and calls for strategic measures to mitigate domestic impact.

More Insights

PETROAN cautioned that sustained conflict could affect not only pump prices but also broader economic indicators, including foreign exchange stability and inflation.

• “If the crisis continues, the impact will extend beyond pump prices to affect foreign exchange stability, domestic fuel pricing structures, and overall inflation levels within the country.”

As part of the safeguards for this new development, PETROAN calls for urgent and strategic actions to safeguard Nigeria’s energy security, which includes;

• Nigeria must consolidate and strengthen domestic refineries by ensuring consistent crude oil supply and creating enabling policies to minimize the impact of external geopolitical shocks.
• Urgent revamp of the four government-owned refineries is necessary to restore full operational capacity and reduce dependence on imported petroleum products.
• Encourage sustained investment in Nigeria’s petroleum infrastructure to guarantee long-term energy security and stability.

PETROAN emphasized that proactive measures are needed to shield consumers from sudden fuel price shocks and maintain energy security amid global instability.

What you should know

The escalation began on Saturday, February 28, 2026, when the US and Israel launched strikes on Iranian cities, triggering explosions and smoke in Tehran and other locations.

• The Israeli government described the operation as pre-emptive, while US President Donald Trump confirmed major combat operations had begun.
• Global oil and gas shipping rates surged as tensions rose, with supertanker costs in the Middle East reaching all-time highs.
• The strategic Strait of Hormuz, a key chokepoint carrying roughly 20% of global oil, became a focal point after Tehran targeted vessels transiting the passage.

The ongoing crisis has heightened concerns over global crude supply, with analysts warning of price spikes and supply disruptions that could affect Nigeria’s petroleum market directly.

Add Nairametrics on Google News

Follow us for Breaking News and Market Intelligence.