Nigerian oil marketers are hinting at a possible increase in petrol prices due to escalating tensions between Israel and Iran, which is driving up global crude oil prices. Despite the recent launch of petrol distribution by Dangote Refinery, Nigeria's reliance on fuel imports makes it vulnerable to price fluctuations.
More problems loom for Nigeria ns as Nigeria n oil market ers have hinted that there may be a fresh Premium Motor Spirit price hike amid escalating tensions between Israel, Iran and other parties. The President of the Petroleum Products Retail Outlets Owners Association, PETROAN, Billy Gillis-Harry, disclosed this on Friday in an exclusive interview with DAILY POST.
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. '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.
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