The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), has implored the Federal Government to urgently consider strategic intervention to boost the supply framework of the Naira-for-Crude policy to enhance local refining and stabilize pricing.
This, it explained, was necessary in order to protect Nigerians from the continuous rise in the prices of petroleum products across the country.
There has been an astronomical increase in the pump price of petrol has placed significant financial pressure on citizens, businesses, and the broader economy.
The group 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.
Without timely intervention, the group reasoned that economic burden on households and small businesses may worsen, leading to reduced productivity and heightened economic instability
Speaking in Lagos on Wednesday, the National President of PETROAN, Dr. Billy Gillis-Harry, also advised the Federal Government to give urgent directive to Nigerian National Petroleum Company Limited to fully restart and sustain operations at the Port Harcourt Refinery in order to dismantle monopolistic tendencies and improve domestic supply.
He also sought 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.
He advised the government to introduce temporary food subsidy to ease the burden of rising food prices on citizens.
He advocated the need for sustained engagement with key stakeholders in the oil and gas industry to develop long-term solutions that will guarantee energy security, pricing stability, and a more resilient supply chain.
He added:”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.”