The ongoing conflict in the Middle East has sent shockwaves through Nigeria’s oil sector, with the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) warning of potential job losses due to uncertainty in the global oil market.
NUPENG General Secretary, Afolabi Olawale, has expressed concern over the impact of the crisis on Nigeria’s oil sector, stating that the volatility in the market is straining working relationships among oil marketers, depot owners, and importers.
“The crisis might have a long-term effect on workers in the oil sector and Nigeria at large because there might be a reduction in work due to the instability,” Olawale said.
Fuel Prices Skyrocket as Global Market Reacts
The conflict has led to a surge in global oil prices, with petrol prices in Nigeria seeing three consecutive hikes and now selling above N1,000 per litre.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has warned that the pump price of Premium Motor Spirit (PMS) may hit N2,000 per litre amid the ongoing crisis.
The increase in fuel prices is having a ripple effect on the economy, with transport fares and prices of goods and services rising.
NUPENG is calling for Nigeria to reduce its reliance on fuel importation and focus on local production. “We thank God we have Dangote that is producing, that is why our energy security should not be dependent purely on importation,” Olawale said.
The union is urging the government to activate local refineries to shield the country from global petroleum market shocks.
