PETROAN Urges Government Intervention as Rising Fuel Prices Bite Harder
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the federal government to implement urgent, short-term measures to cushion the impact of rising petroleum prices on citizens and businesses.
In a statement issued on Wednesday, the association warned that the continued escalation of pump prices was compounding financial pressure across the country, driving up transportation fares, inflating food costs, and eroding household purchasing power.
PETROAN’s National President, Dr. Billy Gillis-Harry, noted that while global market dynamics remain a key driver of domestic pricing, the resulting economic burden on households and small-scale enterprises demanded pragmatic and timely action to prevent further strain on productivity and economic stability.
To address the situation, the association proposed a package of temporary interventions, including transportation relief, optimisation of the Naira-for-Crude policy, restoration of full operations at the Port Harcourt Refinery, targeted food security support, and accelerated adoption of alternative energy sources such as Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG).
“Implement immediate measures to offset transportation costs and alleviate the direct impact of high fuel prices on the populace,” the association said in a statement signed by its spokesman, Dr. Joseph Obele.
PETROAN also called on the Nigerian National Petroleum Company (NNPC) Limited to restore sustained operations at the Port Harcourt Refinery, arguing that doing so would help break monopolistic constraints and improve domestic supply security. The group further urged sustained high-level engagement among oil and gas stakeholders to develop long-term solutions capable of guaranteeing energy security, price stability, and a resilient supply chain.
While acknowledging the ongoing reforms in the sector, PETROAN stressed that decisive action was needed to ease current hardships. “PETROAN remains committed to collaborating with the federal government and all industry partners to ensure efficient distribution of products nationwide,” the association added.
Industry analysts attribute the recent uptick in fuel prices partly to geopolitical tensions in the Middle East, particularly disruptions around key energy hubs such as the Strait of Hormuz. Despite Nigeria’s status as a crude oil producer, its downstream sector remains heavily exposed due to a continued reliance on refined fuel imports—though output from the 650,000 barrels-per-day Dangote Refinery is gradually easing that dependence.