Nigerians Should Expect Higher Fuel Prices, Says PETROAN President

Billy Gilly-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), has warned that fuel prices may rise soon. Despite the recent start of petrol production by Dangote Refinery, which many hoped would lower prices, Gilly-Harry suggests that the current price of around ₦600 per litre is not sustainable.

Gilly-Harry explained that the Nigerian National Petroleum Company Limited (NNPCL) is struggling to keep up with fuel supply. He noted that although NNPCL has been selling petrol at ₦590 per litre, this pricing is not viable long-term, and the situation needs to be addressed urgently.

In an interview on Channels Television, Gilly-Harry advised Nigerians to prepare for higher fuel prices, as market forces will likely determine future costs. He acknowledged that while fuel subsidies are common worldwide and Nigeria benefits from its oil resources, the government must balance these subsidies with other pressing issues, such as health care.

NNPCL has admitted to owing petrol suppliers $6 billion, which has contributed to the fuel shortages and long queues at filling stations in recent weeks. Gilly-Harry commended NNPCL for its transparency but highlighted the ongoing difficulties faced by retail outlet owners.

Gilly-Harry also mentioned that PETROAN and other industry stakeholders are working on innovative solutions to address the fuel crisis. He emphasized that NNPCL, being the only entity with the financial capacity to import petrol, must find creative ways to ensure a steady supply for Nigerians.