The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called for immediate action to strengthen domestic refining capacity and reduce the nation’s reliance on imported petroleum products.
Dr. Billy Gillis-Harry, National President of PETROAN, made the call on Tuesday in Abuja while commenting on the ongoing geopolitical tensions involving the United States, Iran, Israel, and allied countries.
He stressed that in light of the escalating Middle East crisis, proactive measures are essential to shielding Nigeria’s petroleum market from international supply disruptions.
“The current conflict in the Middle East, especially near the Strait of Hormuz, has intensified global energy market volatility and disrupted supply chains, affecting crude oil and liquefied natural gas production,” he said.
Gillis-Harry noted that the shutdown of major facilities, including the Ras Tanura refinery in Saudi Arabia and LNG plants in Qatar, has caused sharp increases in international oil and gas prices, with Brent crude approaching $80 per barrel and warnings of potential spikes above $100.
He explained that such developments highlight Nigeria’s vulnerability due to dependence on imported refined products and the pressing need to operationalise local refineries.
“Any sustained rise in crude oil prices will directly impact pump prices, foreign exchange stability, and inflation levels across the country,” he added.
According to the PETROAN president, ensuring a stable supply of crude oil to domestic refineries and implementing supportive policies are crucial steps to stabilise the energy sector.
He urged the federal government to prioritise the revival of Nigeria’s four government-owned refineries, aiming to restore them to full capacity and reduce dependence on imports.
Gillis-Harry also recommended continuing the Naira-for-Crude policy to ease foreign exchange pressure and maintain stable fuel pricing nationwide.
“Strengthening local refining capacity is no longer optional—it is a strategic imperative to safeguard Nigeria’s energy security and economic stability,” he concluded.