PETROAN President Gillis-Harry explains why fuel prices may exceed N1,000 per litre, citing deregulation, global market shifts, and the Naira-for-crude deal. He reassures Nigerians of efforts to stabilize fuel costs.
As fuel prices continue to climb, the President of the Petroleum Retailers Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, has warned Nigerians to brace for a potential increase beyond N1,000 per litre. In an interview with Daily Post, he explained that recent price hikes in the range of N930 to N960 per litre were influenced by a combination of factors, including economic dynamics and the Naira-for-crude deal between Dangote Refinery and the Nigerian government. Gillis-Harry emphasized that deregulation and fluctuations in the global oil market also play key roles in this price surge.
The PETROAN president dismissed accusations that Dangote Refinery is solely responsible for the price increase, noting that the refinery operates in a free market and faces its own set of challenges. Furthermore, he explained that while market speculation about price increases is rampant, the industry remains in a period of price fluctuations until a more stable pricing model can be achieved.
Despite concerns about rising petrol prices, including the possibility of them reaching N1,000 per litre, Gillis-Harry reassured the public that PETROAN is actively seeking alternative sources to ensure the availability and affordability of petroleum products. He also stressed that the price of fuel, like any other commodity, will ultimately depend on global economic conditions, environmental factors, and supply and demand dynamics.
