Operators in the downstream petroleum sector, under the aegis of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), have called on the Federal Government to urgently roll out temporary intervention measures to cushion the impact of rising fuel prices on Nigerians.
The group said the steady increase in petrol pump prices over the past three weeks, driven by global oil market disruptions linked to the Middle East crisis, has placed immense pressure on households, businesses, and the wider economy.
Speaking on the development, the National President of PETROAN, Billy Gillis-Harry, said the ripple effects of the price surge were already evident across key sectors.
He noted that transportation costs have spiked, while prices of goods and services have continued to rise, worsening the cost-of-living crisis.
According to him, “the ripple effects are evident in rising transportation costs, increased prices of goods and services, and a general strain on the cost of living.”
PETROAN acknowledged that global crude oil price volatility and market realities influence domestic fuel pricing but stressed the need for immediate government action to ease the burden on citizens.
Gillis-Harry warned that failure to act swiftly could further weaken economic productivity and deepen hardship.
He said without timely intervention, “the economic burden on households and small businesses might worsen, leading to reduced productivity and heightened economic instability.”
As part of short-term measures, the association urged the government to introduce transportation relief initiatives to reduce the cost burden on commuters.
It also called for the implementation of a temporary food subsidy programme to help Nigerians cope with rising food prices.
The group further advocated a strategic review and strengthening of the Naira-for-Crude policy to improve crude supply to local refineries and stabilise fuel prices.
It also urged the Federal Government to direct the Nigerian National Petroleum Company Limited to fully restart and sustain operations at the Port Harcourt Refinery.
According to PETROAN, this would help dismantle monopolistic tendencies in the market and enhance domestic supply.
The association also called for accelerated adoption of alternative energy sources such as Compressed Natural Gas and Liquefied Petroleum Gas to provide cheaper and more sustainable options for Nigerians.
It emphasised the need for continuous engagement with stakeholders in the oil and gas sector to develop long-term solutions that would ensure energy security and pricing stability.
In a statement signed by its spokesman, Joseph Obele, the group reaffirmed its commitment to working with the government and other industry players.
“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,” the statement read.
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