Billy Gilly-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), has advised Nigerians to brace for higher prices of Premium Motor Spirit (PMS), stating that future prices will align with current market rates. Gilly-Harry made this announcement on Tuesday during an appearance on Channels Television’s Morning Brief.
He indicated that the current petrol price of approximately ₦600 per litre might soon be obsolete as the Nigerian National Petroleum Company Limited (NNPCL) struggles to ensure a steady supply. The NNPCL is reported to be in debt exceeding $60 billion to PMS suppliers, which contributes to the ongoing scarcity.
Gilly-Harry urged Nigerians to expect and accept market-determined prices, reflecting on the broader implications of fuel subsidies and their impact on the economy. He also highlighted that fuel subsidies, while beneficial, need to be considered alongside other national challenges, such as healthcare.
On the issue of NNPCL’s debt, he commended the company’s transparency but expressed concerns about the current state of the industry. He stressed the need for innovative solutions to address the fuel crisis and suggested that PETROAN is exploring various ideas to alleviate the situation.
Additionally, Gilly-Harry touched upon the challenges faced by retail outlet owners, including the financial strain caused by the high cost of imported fuel. He proposed that greater involvement in agriculture and pharmaceutical exports could help improve the country’s dollar reserves, potentially easing the crisis.
Gilly-Harry concluded by acknowledging the difficulties in the current fuel supply chain and called for quicker solutions from NNPCL to alleviate the suffering of Nigerians.
