Petrol Price Hike: Marketers Urge FG to Introduce Relief Measures for Nigerians
- Petrol marketers have asked the government to introduce temporary measures to ease rising petrol prices
- The association said higher fuel costs are increasing transport fares and the cost of goods
- The group also called for food subsidies and the adoption of alternative energy sources like CNG
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, technology, and macroeconomic trends in Nigeria.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the federal government to introduce temporary intervention measures to reduce the impact of rising petrol prices on Nigerians.
In a statement signed by its national spokesperson, Dr Joseph Obele, and shared with Legit.ng, the association said the continued increase in the pump price of petrol is placing pressure on households, businesses, and the wider economy.
Source: Getty Images
Rising fuel costs affecting cost of living
According to PETROAN’s national president, Dr Billy Gillis-Harry, the effects of higher petrol prices are already visible across the country.
He noted that transportation fares have increased, while the cost of goods and services has also risen, worsening the cost of living for many Nigerians.
The association acknowledged that global crude oil price fluctuations and market realities influence domestic fuel pricing. However, it stressed the need for immediate measures to ease the burden on citizens.
"PETROAN notes that while market realities and global crude oil price fluctuations may influence domestic pricing, there is an urgent need for pragmatic steps to mitigate the immediate hardship faced by Nigerians," the statement read.
PETROAN lists recommended interventions
PETROAN outlined several short-term steps it believes the government should adopt to cushion the impact of rising fuel prices.
These include providing transportation support for Nigerians and strengthening the supply framework of the naira-for-crude policy to improve local refining and stabilise prices.
The group also urged the Nigerian National Petroleum Company Limited (NNPCL) to fully restart and sustain operations at the Port Harcourt refinery to boost domestic supply.
Other recommendations include the introduction of temporary food subsidies and increased promotion of alternative energy sources such as compressed natural gas (CNG) and liquefied petroleum gas (LPG).
Call for long-term solutions
Beyond immediate relief measures, PETROAN called for sustained engagement with stakeholders in the oil and gas sector to develop long-term strategies that will ensure energy security and stable pricing.
The association added that it remains open to working with the government and other industry players to improve the availability and distribution of petroleum products across the country.
While acknowledging ongoing reforms in the sector, PETROAN urged authorities to take urgent action to reduce current economic pressures on Nigerians.
Source: Getty Images
Govt should support critical sectors – LCCI DG
The Director-General of the Lagos Chamber of Commerce (LCCI) urged the government to stabilise petroleum prices and support critical sectors like transportation and food production.
“Government intervention must be anchored on strategic market stabilisation rather than price suppression. Immediate priorities should include targeted, time-bound support for critical sectors such as transportation, agriculture, and SMEs to mitigate inflationary spillovers, while avoiding inefficient blanket subsidies,” she said.
She told Legit.ng that the federal government and the Nigerian National Petroleum Company Limited must urgently enforce domestic crude supply obligations under the Petroleum Industry Act, to ensure consistent supply to local refineries, including the Dangote refinery.
Latest petrol prices in Lagos, Abuja, Other cities
Legit.ng earlier reported that petrol prices have risen above N1,000 per litre after Dangote Refinery increased its gantry price to N995.
Pump prices currently range between N1,000 and N1,190 in various major citines of Nigeria, including Lagos, Abuja, Kaduna, Akure, and Abeokuta.
Transport operators and small businesses lamented that the new price level had affected operating costs.
Source: Legit.ng
