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Prepare for higher fuel prices, oil marketers tell Nigerians
September 3, 2024
11:15 am
News
Prepare for higher fuel prices, oil marketers tell Nigerians
The President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gilly-Harry has warned of a possible hike in the price of Premium Motor Spirit also known as petrol, in the coming days.
This is despite Dangote Refinery on Monday commencing the production of petrol, a development some believe could help crash the current retail price of petrol.
According to Gilly-Harry, the current price hovering around ₦600 per litre is unsustainable as the Nigerian National Petroleum Company Limited struggles to maintain an adequate supply of the product nationwide.
“We’ve been raising alarms that the NNPC has been selling products at ₦590 per litre. But the question is, who is bearing the brunt? We can’t continue to play politics with everything; the reality needs to be addressed
“My advice to Nigerians is to brace themselves to buy petroleum products at prices dictated by market forces. While we recognize that fuel subsidies exist globally and that oil and gas are natural blessings for Nigerians, we must weigh the benefits of subsidizing PMS against other pressing challenges, such as health,” Gilly-Harry disclosed during an appearance on Channels Television’s Morning Brief on Tuesday.
NNPCL had admitted that it owed its petrol suppliers the sum of $6bn, which it said was the reason for the fuel queues in filling stations across the country over the past weeks.
Gilly-Harry meanwhile praised the national company for being transparent, though he noted that the situation remains challenging for retail outlet owners.
He also mentioned that PETROAN and other industry stakeholders are exploring innovative solutions to address the current crisis.
“NNPCL is currently the only entity with the financial muscle to import PMS due to its access to dollars and a guaranteed market.
“However, this situation demands creativity and out-of-the-box thinking to ensure that Nigerians are adequately served,” he noted.
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