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The President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gilly-Harry, has urged Nigerians to prepare for an imminent hike in the price of Premium Motor Spirit (PMS) as the Nigerian National Petroleum Company Limited (NNPCL) battles significant challenges in maintaining fuel supply across the country.
Gilly-Harry made this statement during an appearance on Channels Television on Tuesday, September 3, emphasizing that the current price of petrol, around N600 per litre, may soon increase as the NNPCL faces substantial debts and logistical challenges.
Gilly-Harry stressed that PETROAN is actively searching for solutions to ease the burden on Nigerians but acknowledged that their power to influence the situation is limited.
“We have been shouting that they [NNPCL] have been selling products at N590 per litre.
Who is bleeding? Somebody is bleeding, and we need to tell what exactly is going on,” he stated, indicating the organization’s concern over the opaque operations of the NNPCL and the resulting impact on fuel prices.
The PETROAN President also highlighted the importance of transparency from the NNPCL, particularly regarding its financial dealings and the challenges it faces in maintaining fuel supply.
He explained that the NNPCL’s admission of being over $60 billion in debt to PMS suppliers is a significant factor contributing to the current crisis.
“It is a great effort by the NNPC to come out to say it is in debt,” Gilly-Harry noted.
“For us as retail outlet owners, it is a situation that has given us a concern to also look inward and see what dialogues can bring.”
The rising cost of gasoline has been attributed to the long distances the NNPCL has to cover to bring the products into the country.
Gilly-Harry explained that the logistical challenges of transporting fuel over such distances contribute to the escalating prices.
“The cost of bringing in products today is much because of the distance,” he said.
As the fuel scarcity persists, PETROAN is urging Nigerians to remain patient and to brace for further price increases.
The association is working on innovative solutions to mitigate the crisis, but Gilly-Harry emphasized the need for honesty and transparency from all stakeholders involved.
“Yes, I agree that when information is given, it should be brutally honest so that we know exactly where we stand,” he added, highlighting the need for clear communication from the NNPCL to help Nigerians understand the complexities of the situation.
