The President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gilly-Harry, has cautioned Nigerians to prepare for a possible increase in the price of Premium Motor Spirit commonly known as petrol, in the coming days.
According to The PUNCH, this warning comes despite the commencement of petrol production at the Dangote Refinery, a development some had hoped would lead to a reduction in the current retail price of petrol.
Gilly-Harry explained that the existing price of around ₦600 per litre is unsustainable, citing challenges faced by the Nigerian National Petroleum Company Limited in maintaining a steady supply of petrol 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?” Gilly-Harry stated during an interview on Channels Television’s “Morning Brief” on Tuesday. “We can’t continue to play politics with everything; the reality needs to be addressed.”
He advised Nigerians to prepare for the possibility of paying higher prices for petrol as dictated by market forces.
While acknowledging the presence of fuel subsidies globally and Nigeria’s natural advantage in oil and gas resources, Gilly-Harry stressed the need to evaluate the benefits of subsidising petrol against addressing other urgent issues such as healthcare.
The NNPCL recently revealed it owes its petrol suppliers $6 billion, which has contributed to the long queues at filling stations across the country in recent weeks.
Despite the challenges, Gilly-Harry commended the company for its transparency.
“NNPCL is currently the only entity with the financial capacity to import PMS due to its access to dollars and a guaranteed market,” Gilly-Harry said.
“However, this situation demands creativity and out-of-the-box thinking to ensure that Nigerians are adequately served.”
Gilly-Harry also highlighted that PETROAN, along with other stakeholders in the oil and gas sector, is actively seeking innovative solutions to address the ongoing crisis and ensure a stable supply of petrol nationwide.
