Brace Up For Higher Fuel Prices, Oil Marketers To Nigerians

Nigerians have been warned to brace up for a possible hike in the price of Premium Motor Spirit also known as petrol, in the coming days.

The President of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gilly-Harry, gave the warning on Tuesday during an appearance on Channels Television’s Morning Brief.

According to Gilly-Harry, the current price hovering around ₦600 per litre is unsustainable as the Nigerian National Petroleum Company Limited struggles 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

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“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.”

Osun Defender reports that NNPCL had admitted that it owed its petrol suppliers the sum of $6bn, which it said was the reason for the fuel queues in filling stations across the country over the past weeks.

Gilly-Harry meanwhile praised the national company for being transparent, though he noted that the situation remains challenging for retail outlet owners.

He also mentioned that PETROAN and other industry stakeholders are exploring innovative solutions to address the current 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 noted.