Oil marketers warn Nigerians to brace for increased fuel prices
Billy Gilly-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria, has issued a warning about a potential increase in the price of Premium Motor Spirit (PMS), commonly known as petrol, in the near future. This alert comes even as the Dangote Refinery has recently begun petrol production, which some had hoped would lead to a reduction in the current retail price of petrol.
Gilly-Harry highlighted that the present price of approximately ₦600 per litre is untenable, as the Nigerian National Petroleum Company Limited (NNPCL) struggles to ensure a stable supply of petrol across the country. He pointed out that despite NNPCL’s efforts, which include selling petrol at ₦590 per litre, the financial strain is being felt by consumers.
“We’ve been highlighting the issue that the NNPC has been selling petrol at ₦590 per litre. The real question is, who is absorbing the cost? We can’t keep engaging in political maneuvers; we need to confront the reality of the situation,” Gilly-Harry stated during his appearance on Channels Television’s Morning Brief.
He advised Nigerians to prepare for petrol prices determined by market dynamics. While acknowledging that fuel subsidies are a global practice and that oil and gas are natural assets for Nigeria, Gilly-Harry emphasized the need to balance the benefits of subsidizing PMS with other critical needs, such as healthcare.
The NNPC has admitted to a $6 billion debt to its petrol suppliers, which has contributed to recent fuel shortages at filling stations nationwide.
Gilly-Harry commended the NNPC for its transparency but noted that the current conditions are difficult for retail outlet owners. He mentioned that PETROAN and other industry stakeholders are actively seeking innovative solutions to tackle the ongoing crisis.
“NNPCL remains the sole entity capable of importing PMS due to its access to foreign exchange and a secure market. However, addressing this situation requires creative and unconventional approaches to ensure adequate fuel supply for Nigerians,” he concluded.
