OPERATORS under the auspices of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), has called on the Federal Government to urgently implement temporary intervention measures to shield Nigerians from the continuous rise in the prices of petroleum products across the country.
The call by the group is hinged on the steady increase in the pump price of petrol in the last three weeks due to the global oil disruption as a result of the Middle -East crisis, which has placed significant financial pressure on citizens, businesses, and the broader economy.
Justifying the need for urgent interventions, National President of PETROAN, Dr. Billy Gillis-Harry, said the ripple effects were evident in rising transportation costs, increased prices of goods and services, and a general strain on the cost of living.
PETROAN noted that while market realities and global crude oil price fluctuations may influence domestic pricing, there is an urgent need for pragmatic steps to mitigate the immediate hardship faced by Nigerians.
Gillis-Harry emphasized that without timely intervention, the economic burden on households and small businesses might worsen, leading to reduced productivity and heightened economic instability.
As part of urgent short term interventions, PETROAN called for immediate intervention to provide transportation relief for Nigerians to cushion the impact of high fuel costs.
The group also called for a strategic intervention to boost the supply framework of the Naira-for-Crude policy to enhance local refining and stabilize pricing.
PETROAN asked the Federal government to issue urgent directive to NNPCL to fully restart and sustain operations at the Port Harcourt Refinery in order to dismantle monopolistic tendencies and improve domestic supply.
The group also called for the introduction of a temporary food subsidy to ease the burden of rising food prices on citizens.
It also called for accelerated promotion and adoption of alternative energy sources, including Compressed Natural Gas (CNG) and other gas options such as LPG, to provide more affordable and sustainable fuel alternatives for transportation and domestic use.
Furthermore, PETROAN called for sustained engagement with key stakeholders in the oil and gas industry to develop long-term solutions that would guarantee energy security, pricing stability, and a more resilient supply chain.
“PETROAN remains committed to working collaboratively with the Federal Government and other industry players to ensure the availability and efficient distribution of petroleum products nationwide.
“While we acknowledge the ongoing reforms in the sector, we appeal for urgent and decisive action to alleviate current hardships and protect the welfare of Nigerians,” the statement signed by the Spokesman of PETROAN, Dr Joseph Obele, read.
