Petroleum marketers across Nigeria have called on the Federal Government to introduce immediate relief measures to cushion the impact of the recent surge in fuel prices, warning that the situation is already straining households and businesses.
The appeal was made by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), which expressed concern over the steady rise in petrol pump prices recorded over the past three weeks. The group attributed the increase to disruptions in the global oil market linked to tensions in the Middle East.
Speaking on behalf of the association, its National President, Billy Gillis-Harry, said the effects of the price hike are already being felt across critical sectors of the economy. He noted that transportation costs have risen sharply, triggering a corresponding increase in the prices of goods and services and worsening the cost-of-living crisis.
He warned that if urgent steps are not taken, the situation could further erode economic productivity and deepen hardship for Nigerians, particularly small business owners.
While acknowledging that fluctuations in global crude oil prices play a significant role in determining domestic fuel costs, PETROAN stressed that proactive government intervention is necessary to ease the burden on citizens.
As part of its recommendations, the association called for temporary transportation support initiatives to reduce commuting costs, as well as a short-term food subsidy programme to help mitigate the impact of rising food prices.
The group also urged authorities to review and strengthen the Naira-for-Crude policy to improve crude supply to local refineries, which it said could help stabilise fuel prices. In addition, it appealed for the full resumption and sustained operation of the Port Harcourt Refinery, noting that increased local refining capacity would boost supply and reduce market dominance by a few players.
PETROAN further advocated the accelerated adoption of alternative energy sources such as Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) as more affordable and sustainable options for consumers.
The association emphasised the importance of continuous engagement between the government and stakeholders in the oil and gas sector to develop long-term strategies aimed at ensuring energy security and price stability.
In a statement signed by its spokesman, Joseph Obele, PETROAN reaffirmed its willingness to collaborate with relevant authorities and industry players to guarantee the steady availability and efficient distribution of petroleum products nationwide, while urging swift action to address the current economic challenges facing Nigerians.
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