Fuel Spike Hits Hard: Marketers Sound Alarm On Economy

Operators in Nigeria’s downstream petroleum sector have urged the Federal Government to introduce urgent intervention measures to mitigate the effects of rising fuel prices on citizens. According to Ireporter Online, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) highlighted that petrol pump prices have steadily increased over the past three weeks due to global oil market disruptions linked to tensions in the Middle East.

Billy Gillis-Harry, National President of PETROAN, noted that the surge in fuel costs is already affecting households, businesses, and the broader economy. He explained that transportation expenses have escalated, while prices of goods and services continue to rise, exacerbating the ongoing cost-of-living crisis.

Gillis-Harry acknowledged that global crude oil volatility influences domestic fuel pricing but stressed that immediate government action is crucial to alleviate the burden on Nigerians. “The economic burden on households and small businesses might worsen, leading to reduced productivity and heightened economic instability,” he warned.

PETROAN called on the government to implement short-term relief measures, including transportation support for commuters and a temporary food subsidy programme to help offset rising living costs. The association also advocated for a review and strengthening of the Naira-for-Crude policy to improve supply to local refineries, and urged the Nigerian National Petroleum Company Limited to fully restart operations at the Port Harcourt Refinery to increase domestic fuel availability and curb monopolistic market tendencies.

The group further encouraged the accelerated adoption of alternative energy sources such as Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG) to provide affordable and sustainable options for Nigerians. PETROAN emphasised the importance of continuous collaboration with stakeholders to secure long-term energy stability.

In a statement signed by its spokesman, Joseph Obele, the association reaffirmed its commitment to working with the government and industry players. “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.