Nigerians should prepare for an increase in the price of Premium Motor Spirit (PMS), commonly known as petrol, in the coming days, according to the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN).
Billy Gilly-Harry, the President of PETROAN, gave the warning despite the commencement of petrol production by the Dangote Refinery, which many hoped would lower retail prices.
Gilly-Harry highlighted that the current petrol price, hovering around ₦600 per litre, is unsustainable due to the challenges faced by the Nigerian National Petroleum Company Limited (NNPCL) in maintaining an adequate supply.
“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 brace themselves for petrol prices dictated by market forces, stressing the need to weigh the benefits of subsidizing PMS against other pressing challenges like healthcare.
He made this known during an appearance on Channels Television’s Morning Brief on Tuesday.
The NNPCL recently acknowledged a $6 billion debt owed to its petrol suppliers, a situation that has contributed to fuel queues at filling stations across the country.
While Gilly-Harry praised the NNPCL for its transparency, he noted that the situation remains challenging for retail outlet owners.
He mentioned that PETROAN and other industry stakeholders are actively exploring 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,” he concluded.
