Oil marketers in Nigeria have told Nigerians that the country should prepare for a possible rise in petrol prices to about N1500 per litre as the ongoing conflict involving Iran continues to disrupt global oil markets.

The warning was issued by the President of the Petroleum Products Retail Outlets Owners Association of Nigeria Dr Billy Gillis Harry during a television interview where he discussed the impact of the international crisis on energy prices. He said Nigerians should focus more on product availability rather than price increases.

According to him the Dangote Petroleum Refinery has become a crucial source of fuel supply for the country at a time when global markets are facing instability. He explained that having petrol available locally is far better than facing nationwide scarcity and long fuel queues.

The refinery recently reviewed its ex depot petrol price to about N1175 per litre as crude oil prices surged in the international market. Oil prices have climbed sharply following escalating tensions in the Middle East which have raised fears about disruptions to global supply.

Industry stakeholders say the ongoing conflict has increased freight costs and refinery feedstock prices which are directly affecting fuel pricing across several countries including Nigeria. Analysts warn that continued volatility in global crude markets could push pump prices even higher if the crisis persists.

Despite the potential increase marketers insist that domestic refining capacity provided by the Dangote Refinery offers Nigeria a level of energy security that can help prevent severe shortages in the downstream petroleum sector.