The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, has proposed measures to ease the burden of rising fuel prices on Nigerians, particularly commercial transport operators, amid a surge in global crude oil prices.
Gillis-Harry stated this while speaking on Channels Television’s The Morning Brief on Tuesday, noting that the government consider a transport subsidy to cushion the effects of the petrol hike and rising transportation costs.
The rise in Nigerian fuel prices follows renewed volatility in the global oil market. On Tuesday, Brent crude oil climbed to $102.84 per barrel, while West Texas Intermediate (WTI) increased to $91.20 per barrel, marking a rebound after a sharp dip triggered by political developments involving the United States and Iran.
In response, the Dangote Petroleum Refinery recently increased the price of Premium Motor Spirit (PMS) from N1,175 to N1,245 per litre, citing rising shipping costs and global crude oil price fluctuations.
Following the price adjustments, Aliko Dangote, President of the Dangote Group, met with President Bola Ahmed Tinubu to discuss the economic impact of volatile fuel prices. Dangote warned that a prolonged conflict in the Middle East could strain African economies already facing debt challenges, emphasizing the widespread effect of energy costs across all sectors.
Gillis-Harry praised Dangote’s engagement with the government but urged practical solutions to help Nigerians cope. His proposals included:
A transport subsidy for commercial vehicle operators.
Expansion of gas infrastructure nationwide, including more CNG stations and the promotion of electric vehicles (EVs).
Collaboration between PETROAN and the government to improve fuel distribution and availability.
He emphasized that marketers were not exploiting consumers, noting that profit margins at retail outlets remain low despite rising pump prices. PETROAN is also exploring “crowd-buying” strategies to ensure fuel availability across retail stations.
“We are not taking undue advantage of the situation. Our focus is on solutions and supporting Nigerians during this challenging period,” Gillis-Harry said.