Ayobamiji Komolafe 
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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has once again emphasized the urgent need to consolidate and strengthen Nigeria’s domestic refineries through adequate and consistent crude oil supply.
In a statement on Tuesday, National PRO of PETROAN, Dr. Joseph Obele, said this proactive approach is essential to minimizing the impact of external geopolitical shocks on the nation’s petroleum market.
The National President of PETROAN, Dr. Billy Gillis-Harry, expressed deep concern over the ongoing military escalation involving the United States, Iran, Israel, and allied nations, noting its far-reaching implications for the global energy industry, particularly Nigeria’s petroleum sector.
According to him, recent geopolitical tensions have significantly disrupted global energy markets and supply chains.
“Hostilities in the Middle East, especially around the strategic Strait of Hormuz—through which approximately 20 percent of the world’s crude oil supply passes daily—have triggered sharp volatility in international oil prices and heightened uncertainty regarding supply continuity.
“As the conflict intensifies, global crude oil benchmarks have surged, with analysts projecting that prices could exceed USD 100 per barrel if disruptions persist. This upward trend reflects growing concerns over potential supply shortages should shipping activities through the Strait of Hormuz remain restricted,” the statement added.
PETROAN noted that any sustained increase in crude oil prices will inevitably be reflected at petroleum retail outlets across Nigeria.
“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,” the statement added.
In view of these developments, PETROAN called for urgent and strategic actions to safeguard Nigeria’s energy security. It urged the government to prioritize and support local refineries by ensuring steady crude oil supply and creating enabling policies for optimal operations. The association stressed the need to sustain and strengthen the Naira-for-Crude policy to reduce pressure on foreign exchange and stabilize domestic fuel pricing. PETROAN also emphasized the urgent revamp of the four government-owned refineries to restore them to full operational capacity and reduce dependence on imported petroleum products, while advocating policies that strengthen domestic refining capacity and protect consumers from excessive fuel price shocks. The group further called for sustained investment in Nigeria’s petroleum infrastructure to guarantee long-term energy security and stability.
“PETROAN strongly emphasizes the need for diplomatic engagement and peaceful resolution in energy-producing regions to safeguard global petroleum supply chains and protect Nigeria’s national economic interests,” Dr. Obele said.
