Billy Gilly-Harry, the President of the Petroleum Products Retail Outlets Owners Association of Nigeria, has warned of a potential increase in the price of Premium Motor Spirit (PMS), commonly known as petrol, in the coming days.
This warning comes despite the Dangote Refinery commencing petrol production on Monday, which many believed could lead to a decrease in retail prices.
Gilly-Harry attributed the unsustainable current price, hovering around ₦600 per liter, to the Nigerian National Petroleum Company Limited’s (NNPCL) struggle to maintain an adequate supply of the product 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.
“My advice to Nigerians is to brace themselves to buy petroleum products at prices dictated by market forces. While we recognize that fuel subsidies exist globally and that oil and gas are natural blessings for Nigerians, we must weigh the benefits of subsidizing PMS against other pressing challenges, such as health,” Gilly-Harry disclosed during an appearance on Channels Television’s Morning Brief on Tuesday.
The Nigerian National Petroleum Company Limited (NNPCL) has admitted to owing its petrol suppliers the sum of $6 billion, attributing this debt to the recent fuel queues observed in filling stations nationwide.
Inspite of this, Gilly-Harry, commended the NNPCL for its transparency in acknowledging this issue. However, he noted that the situation remains challenging for retail outlet owners.
Gilly-Harry also noted that PETROAN and other industry stakeholders are actively exploring innovative solutions to address the current fuel supply 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 said.
This article was written by Tamaraebiju Jide, a student at Elizade University
