Dr. Billy Gillis-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), has warned that petrol prices in Nigeria could surpass ₦1,000 per litre if the country fails to strengthen its local refining capacity before full deregulation.
He emphasized the need for substantial investment in domestic refining to reduce reliance on imported fuel and stabilize prices. Without such measures, deregulation could lead to higher fuel costs due to market fluctuations.
To address supply challenges, PETROAN has engaged with Dangote Refinery for direct petrol sales, following a similar agreement with the Independent Petroleum Marketers Association of Nigeria (IPMAN). However, fuel prices remain high, with reports indicating that petrol is still selling at over ₦1,000 per litre in some outlets.
Gillis-Harry’s remarks highlight the urgent need for investment in local refining to prevent excessive price increases and ensure long-term fuel affordability in Nigeria.
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