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Petrol, Diesel Prices Face Sharp Hike if US–Iran Conflict Drags On — PETROAN

Published by Samuel Ayomide on March 10th, 2026.

Nigeria could face a sharp rise in fuel prices if the ongoing tensions in the Middle East persist, according to the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN).

The association warned that the pump price of Premium Motor Spirit (PMS) could approach ₦2,000 per litre, while the cost of Automotive Gas Oil (diesel) may rise to around ₦3,000 per litre if the crisis continues to disrupt global oil markets.

Speaking in a statement, PETROAN National President Billy Gillis-Harry said the prolonged conflict involving Iran, United States, and Israel is already placing pressure on international energy supply chains.

According to him, continued drone and missile attacks around key oil routes and energy infrastructure are creating uncertainty in the global petroleum market, pushing crude oil prices upward and affecting fuel costs in importing countries such as Nigeria.

Global crude prices recently crossed the $100 per barrel mark, representing the highest surge since mid-2022. The development has already begun to influence domestic fuel prices, with several filling stations adjusting pump prices upward.

Gillis-Harry urged the Group Chief Executive Officer of Nigerian National Petroleum Company Limited, Bayo Ojulari, to accelerate the restart of government-owned refineries to cushion the impact of global market volatility.

He specifically called for the immediate commencement of production at facilities such as the Area 5 plant at the Port Harcourt Refinery and the Warri Refinery.

According to PETROAN, strengthening local refining capacity would help reduce Nigeria’s reliance on imported petroleum products and limit the effect of global supply disruptions.

The association also warned that a sustained rise in fuel prices could worsen inflation, increase transportation costs, disrupt manufacturing operations and place additional pressure on household incomes across the country.

Despite the concerns, the group expressed optimism that ongoing economic reforms by President Bola Ahmed Tinubuwould eventually stabilise the sector and provide long-term relief for Nigerians.