Oil marketers under the Petroleum Products Retail Outlets Owners Association of Nigeria have cautioned that ongoing military tensions involving the United States, Iran, and Israel may disrupt petrol supply and drive prices up.

The warning was issued in a press statement by PETROAN’s National Public Relations Officer, referencing remarks from the association’s National President, Dr. Billy Gillis-Harry.

PETROAN noted that the geopolitical crisis in the Middle East has already begun impacting global energy markets and could have significant consequences for Nigeria’s petroleum sector.

PETROAN has warned that continued disruptions could drive crude oil prices higher, underlining the fragility of global supply chains.

PETROAN cautioned that prolonged conflict could impact not just petrol prices but also broader economic indicators, including exchange rates 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,” PETROAN stated.

As part of measures to address the emerging risks, PETROAN is calling for urgent and strategic actions to protect Nigeria’s energy security, including:

Consolidating and strengthening domestic refineries by ensuring a steady crude oil supply and implementing policies that reduce the impact of external geopolitical shocks.

Urgently revamping the four government-owned refineries to restore full operational capacity and lessen reliance on imported petroleum products.

Encourage sustained investment in Nigeria’s petroleum infrastructure to ensure long-term energy security and market stability.

PETROAN stressed that proactive measures are essential to protect consumers from sudden fuel price spikes and maintain energy security amid global uncertainties.

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