Billy Gilly-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), has cautioned Nigerians to brace for higher petrol prices in the coming days.
Speaking on Channels Television’s Morning Brief on Tuesday, Gilly-Harry indicated that fuel would soon be sold at current market rates, potentially exceeding the ₦600 per litre price point.
The warning comes as the Nigerian National Petroleum Company Limited (NNPCL) grapples with a reported debt of over $60 billion to fuel suppliers.
This financial strain has already led to petrol selling for around ₦950 to ₦1000 per litre at non-NNPCL stations due to scarcity.
Gilly-Harry called for transparency in the sector, stating, “We have been shouting that they (NNPC) has been selling products at ₦590 per litre. Who is bleeding? Somebody is bleeding and we need to tell what exactly is going on, we cannot play politics with everything.”
The PETROAN president suggested that Nigerians should prepare to purchase fuel at prices determined by market forces.
He acknowledged the challenges faced by NNPCL as the primary importer of petroleum products, given the current forex situation and non-operational state of local refineries.
To address the crisis, Gilly-Harry proposed several solutions, including business arrangements with refineries and trading companies, aggregating funds, and increasing Nigeria’s involvement in agriculture and pharmaceutical exports to boost dollar inflows.
He also called on state governors to make land more accessible for farmers.
PETROAN is reportedly in talks with trading companies to explore naira for product exchanges, though regulatory approvals would be required.
Gilly-Harry also noted that some PETROAN members possess dormant import licenses due to foreign exchange challenges.
While unable to comment on current fuel stock levels, Gilly-Harry mentioned a possible NNPCL product distribution scheduled for Saturday.
He attributed the high fuel prices to the increased costs associated with long-distance product importation.
