The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the Federal Government to urgently introduce intervention measures to cushion the impact of rising petrol prices on Nigerians.
In a press statement, the National President of PETROAN, Dr. Billy Gillis-Harry, said the persistent increase in the pump price of petrol in recent weeks has placed significant financial pressure on citizens, businesses and the overall economy.
He noted that the rise in fuel prices has triggered a ripple effect, including higher transportation costs, increased prices of goods and services, and a worsening cost of living for many households.
According to him, although global crude oil price fluctuations and prevailing market realities influence domestic fuel pricing, there is an urgent need for pragmatic measures to reduce the hardship currently faced by Nigerians.
Dr. Gillis-Harry warned that failure to act promptly could further weaken the economy by reducing productivity, straining small businesses and worsening the financial burden on families.
PETROAN recommended a number of short-term interventions to address the situation. Among them is the provision of transportation relief to ease the burden of high fuel costs on commuters.
The association also called for strategic steps to strengthen the supply framework of the Naira-for-Crude policy in order to boost local refining capacity and stabilise petroleum product prices.
It further urged the Federal Government to direct the Nigerian National Petroleum Company Limited (NNPCL) to fully restart and sustain operations at the Port Harcourt Refinery, noting that improved domestic refining capacity would help dismantle monopolistic tendencies and enhance supply stability.
In addition, PETROAN advocated the introduction of a temporary food subsidy to cushion the effects of rising food prices on Nigerians.
The association also stressed the need to accelerate the promotion and adoption of alternative energy sources such as Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) to provide more affordable and sustainable options for transportation and domestic energy use.
PETROAN emphasised the importance of sustained engagement with stakeholders in the oil and gas industry to develop long-term strategies that would guarantee energy security, stable pricing and a resilient supply chain.
The association reaffirmed its commitment to working with the Federal Government and industry players to ensure the availability and efficient distribution of petroleum products nationwide.
The statement was signed by Dr. Joseph Obele, National Public Relations Officer and spokesman of PETROAN.
