The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, has proposed measures to cushion the impact of rising crude oil prices amid the ongoing conflict in the Middle East, Channels Television reports.
Global oil prices climbed again on Tuesday, with Brent crude rising above $100 per barrel. This followed a sharp decline of more than 10 percent after Donald Trump’s comments about delaying fresh strikes on Iran while praising “very good” talks with Tehran. Brent rose 2.9 percent to $102.84 per barrel, while West Texas Intermediate increased 3.5 percent to $91.20 per barrel.
Trump’s earlier remarks had triggered significant volatility, with crude prices initially rising 1 percent on Monday before falling by as much as 14 percent. Iran, however, denied holding any discussions with Trump.
In Nigeria, the effects of global oil market movements are already being felt. The Dangote Petroleum Refinery recently raised the price of Premium Motor Spirit (PMS) from ₦1,175 to ₦1,245 per litre. The refinery cited global crude price fluctuations and rising shipping costs as factors beyond its control. Coastal prices also rose from ₦1,512,648 to ₦1,606,518 per metric tonne.
Meanwhile, Dangote Group President Aliko Dangote met with President Bola Ahmed Tinubu in Lagos on Monday to discuss the implications of the volatile global oil market. Dangote warned that Nigeria would inevitably feel the effects of the crisis despite not being directly involved.
“It means quite a lot. We don’t have much to do with it, but the world is a global village, and it will definitely affect us,” he said. Dangote stressed that a prolonged conflict could further strain African economies, many of which are already burdened with debt, and warned that rising energy costs would have widespread effects across sectors.
Similarly, International Energy Agency (IEA) Executive Director Fatih Birol warned that the crisis poses a major risk to the global economy. Speaking at the National Press Club in Canberra, Australia, Birol said, “This crisis, as things stand, is now two oil crises and one gas crash put together. No country will be immune if it continues, so global action is needed.”
Following Dangote’s meeting with the president, Gillis-Harry outlined practical measures to mitigate the impact of rising fuel prices. Speaking on The Morning Brief on Channels Television, he called for a mix of long-term and interim solutions.
“For the long term, we need to fully pursue gas alternatives, expand CNG stations, and introduce EVs. These measures would help cushion the effects of the conflict,” he said.
“In the short term, the government could provide targeted subsidies to ease transportation costs for commercial transport owners. Profit margins for marketers are already very slim, and any relief would help keep products moving efficiently to retail outlets.”
Gillis-Harry also dismissed claims that marketers were exploiting Nigerians following the price hike, emphasizing that PETROAN is working with the government to expand gas infrastructure nationwide.
“We are ensuring stations remain supplied, whether buying directly or via Dangote. Without Dangote’s support, meeting current demand would be far more challenging. We are ready to partner with the government and PCNG to increase gas penetration across the country,” he said.
