The President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gilly-Harry, has issued a warning about a potential increase in the price of Premium Motor Spirit (PMS), commonly known as petrol, in the coming days. This caution comes despite the recent commencement of petrol production by Dangote Refinery, which some had hoped would help reduce the current retail price of the product.
Speaking during an appearance on Channels Television’s *Morning Brief* on Tuesday, Gilly-Harry expressed concerns about the sustainability of the current petrol price, which hovers around ₦600 per litre. He highlighted the challenges faced by the Nigerian National Petroleum Company Limited (NNPCL) in maintaining an adequate 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? We can’t continue to play politics with everything; the reality needs to be addressed,” Gilly-Harry stated.
He advised Nigerians to prepare for fuel prices dictated by market forces, acknowledging that while fuel subsidies are common globally, Nigeria must balance the benefits of subsidizing PMS against other critical issues, such as healthcare.
This warning follows the NNPCL’s admission that it owes its petrol suppliers a staggering $6 billion, which has contributed to the recent fuel queues observed at filling stations across the country.
Despite the challenges, Gilly-Harry praised NNPCL for its transparency but noted the difficulties faced by retail outlet owners. He also mentioned that PETROAN and other industry stakeholders are actively seeking innovative solutions to address the ongoing 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,” Gilly-Harry emphasized.
As the nation braces for potential price hikes, the situation underscores the complexities of Nigeria’s fuel supply chain and the urgent need for sustainable solutions.
