Oil entrepreneurs underneath the Petroleum Merchandise Retail Shops Homeowners Affiliation of Nigeria (PETROAN) have warned that the continued navy confrontations involving the US, Iran, and Israel might disrupt petrol provide and push costs larger.
The warning was highlighted in a press assertion by the Nationwide Public Relations Officer (PRO) of PETROAN, citing the affiliation’s Nationwide President, Dr. Billy Gillis-Harry.
Geopolitical tensions within the Center East, in keeping with PETROAN, have already begun to have an effect on world power markets and will have far-reaching implications for Nigeria’s petroleum sector.
PETROAN has highlighted the potential for crude oil costs to surge if disruptions persist, emphasizing the vulnerability of world provide chains.
The assertion underscores Nigeria’s publicity to world oil worth volatility resulting from geopolitical crises and requires strategic measures to mitigate home impression.
PETROAN cautioned that sustained battle might have an effect on not solely pump costs but additionally broader {economic} indicators, together with international alternate stability and inflation.
As a part of the safeguards for this new growth, PETROAN requires pressing and strategic actions to safeguard Nigeria’s power safety, which incorporates;
PETROAN emphasised that proactive measures are wanted to defend shoppers from sudden gas worth shocks and preserve power safety amid world instability.
The escalation started on Saturday, February 28, 2026, when the US and Israel launched strikes on Iranian cities, triggering explosions and smoke in Tehran and different places.
The continued disaster has heightened considerations over world crude provide, with analysts warning of worth spikes and provide disruptions that would have an effect on Nigeria’s petroleum market straight.
