Petrol Marketers Urge Government to Introduce Relief Measures Amid Price Hike
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has issued a pressing call to the federal government, urging the introduction of temporary intervention measures to alleviate the impact of escalating petrol prices on the Nigerian populace. In a statement released by its national spokesperson, Dr. Joseph Obele, the association highlighted the severe economic strain caused by the continuous rise in pump prices, which is adversely affecting households, businesses, and the broader economy.
Rising Fuel Costs Exacerbate Cost of Living
According to Dr. Billy Gillis-Harry, the national president of PETROAN, the consequences of higher petrol prices are already manifesting across the nation. He pointed out that transportation fares have surged significantly, while the costs of goods and services have also climbed, intensifying the cost of living crisis for many Nigerians. The association acknowledged that domestic fuel pricing is influenced by global crude oil price fluctuations and market realities. However, it emphasized the urgent necessity for pragmatic steps to mitigate the immediate hardships faced by citizens.
PETROAN Lists Recommended Interventions
PETROAN has outlined several short-term measures it believes the government should implement to cushion the blow of rising fuel prices. These recommendations include:
- Providing transportation support for Nigerians to ease mobility burdens.
- Strengthening the supply framework of the naira-for-crude policy to enhance local refining capabilities and stabilize prices.
- Urging the Nigerian National Petroleum Company Limited (NNPCL) to fully restart and sustain operations at the Port Harcourt refinery to boost domestic supply.
- Introducing temporary food subsidies to address affordability issues.
- Increasing promotion of alternative energy sources such as compressed natural gas (CNG) and liquefied petroleum gas (LPG).
Call for Long-Term Solutions
Beyond immediate relief measures, PETROAN called for sustained engagement with stakeholders in the oil and gas sector to develop long-term strategies that ensure energy security and stable pricing. The association expressed its willingness to collaborate with the government and other industry players to improve the availability and distribution of petroleum products nationwide. While recognizing ongoing reforms in the sector, PETROAN urged authorities to take urgent action to reduce current economic pressures on Nigerians.
Latest Petrol Prices Across Major Cities
Recent reports indicate that petrol prices have soared above N1,000 per litre, following an increase in the gantry price to N995 by Dangote Refinery. Current pump prices range between N1,000 and N1,190 in various major Nigerian cities, including Lagos, Abuja, Kaduna, Akure, and Abeokuta. Transport operators and small businesses have lamented that these new price levels have significantly impacted operating costs, further straining the economy.
