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Tag: PETROAN

  • Scarcity looms as NOGASA, NARTO, PETROAN join force over Dangote distribution

    Scarcity looms as NOGASA, NARTO, PETROAN join force over Dangote distribution

    There was palpable fear of the Premium Motor Spirit (PMS) petrol scarcity on Monday as the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), Nigerian Association of Road Transport Owners (NARTO) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) insisted on withdrawing their services on Tuesday should Dangote Refinery fail to rescind its decision to distribute products directly to the end-users.

    Speaking in a joint press conference in Abuja, the NOGASA national president, Benneth Korie said the stakeholders are against the direct supply from Dangote in order to avert total scarcity should the refinery breakdown after plunging the market into monopoly.

    He said, “Given the urgency of this matter, we find ourselves with no other choice but to consider withdrawing our services nationwide in solidarity with NUPENG and other stakeholders if this situation remains unresolved.

    “It is hereby directed that all oil and gas suppliers to all construction companies, industries, hotels and telecommunication sites nationwide should withdraw the services with effects from tomorrow 9th September 2025 pending when the matter is resolved.”

    The association called on President Bola Ahmed Tinubu to intervene to avert the industrial crisis and imminent threat to energy security.

    According to him, the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) and the Major Energy Marketers Association of Nigeria (MEMAN) are building their refinery that is already at 80% completion to compete with Dangote Refinery.

    He said, “The depot owners, they are almost at 80% ready now to start their own refinery. 80%.

    “Go and find out from the MEMAN and DAPPMAN. They will tell you, they’ve started doing the business. So it’s not as if they are folding their hand.

    He added that the failure of the Nigerian a National Petroleum Company Limited (NNPCL) has taught the industry players a lesson and they have joined force to avert it from Dangote refinery.

    Korie said, “You know what happened to an NNPC teach everybody a lesson? Yes. Okay? So the DAPPMAN, MEMAN, all of them now, joined forces to make sure they get their own refinery. And once this happens, these things will go.”

    In his press statement, the NARTO President Alhaji Yusuf Othman notified stakeholders on the association support for Nigerian Union of Natural Gas and Petroleum Workers (NUPENG) in the ongoing struggle against monopolistic and anti-competition practices being advanced by the Dangote Group in the downstream oil and gas sector.

    He said, “The Nigerian Association of Road Transport Owners (NARTO) wishes to notify all stakeholders and the general public of its firm position in support of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) in the ongoing struggle against monopolistic and anti-competition practices being advanced by the Dangote Group in the downstream oil and gas sector.”

    He said NARTO rejects the Dangote’s plan to supply products directly to end-users.

    He said, “While we recognize and appreciate the injection of new trucks and other investments into the petroleum distribution value chain, we must state categorically that NARTO strongly and unequivocally rejects any plan for free distribution of petroleum products.

    “Such an approach is not only unsustainable but is also a deliberate attempt to undermine and eliminate the thousands of independent transporters who form the backbone of Nigeria’s petroleum distribution network.”

    According to him, at present, NARTO members collectively operate more than 30,000 trucks across the country, employing thousands of drivers, assistants, and service providers. 

    He added that the operations sustain millions of dependents and are supported by financial commitments from both local and international banks, as well as marketers and depot owners. 

    Othman insisted that any attempt to eliminate the established distribution structure will lead to loss of investment – Truck owners whose spread cut across the country and were financed by banks, both foreign and domestic.

    He said it will destroy livelihoods leading to mass unemployment for drivers, mechanics, loaders, and others whose survival depends on petroleum distribution.

    Othman said it threatens national security as unemployment and economic displacement of this scale could fuel unrest and instability.

    Continuing he said it will “Jeopardize energy security by concentrating the distribution of petroleum products in the hands of a single entity, thereby surrendering a critical aspect of national infrastructure to private monopoly control.

    Read Also: Dangote Refinery slashes PMS price by N30

    “Exploit consumers in the long run as monopolistic practices will eventually pave the way for price manipulation and supply strangulation through the use of economies of scale.

    “Furthermore, Section 212 of the Petroleum Industry Act (PIA) and the regulatory stance of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) clearly emphasize the need for a level playing field in the downstream sector.

    “To ignore this provision is to endanger fair competition, consumer protection, and the overall health of the Nigerian economy.”

    The PETROAN President Billy Hary said they are protecting the industry from threat to energy security and the jobs of the 30,000 tanker drivers.

  • PETROAN issues 3-day warning, vows  to suspend fuel distribution

    PETROAN issues 3-day warning, vows  to suspend fuel distribution

    …urges FG’s intervention

    The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has announced a three-day forewarning of suspension of lifting and dispensing petroleum products, set to begin on Tuesday, September 9, 2025, in protest against monopolistic tendencies in the downstream sector.

    PETROAN’s National President, Dr. Billy Gillis-Harry, disclosed this in a statement issued by the association’s National Public Relations Officer, Dr. Joseph Obele, in Abuja.

    Harry explained that the action would be lawful and peaceful, stressing PETROAN’s commitment to promoting fair competition, protecting workers’ rights, and ensuring price stability in the petroleum sector.

    He appealed to President Bola Ahmed Tinubu, the Minister of State for Petroleum (Oil), the Group CEO of NNPC, the Chief Executive of NMDPRA, the Director-General of DSS, and the Inspector-General of Police to urgently intervene in the crisis to prevent hardship for citizens.

    Highlighting the implications of the planned strike, he noted that pump attendants in PETROAN member stations are registered under NUPENG, meaning they would be absent from duty during the strike. He directed station owners not to discipline or sack attendants affected.

    PETROAN reiterated its opposition to monopolistic practices, warning that the aggressive business strategies of Dangote Refinery could drive private depot owners, modular refinery operators, marketers, and truck owners out of business. Harry cautioned that such a development could trigger mass unemployment with grave consequences for the economy.

     Harry advised Nigerians to view any initial strategy aimed at gaining monopoly as a “Father Christmas” promise, cautioning them not to forget the events that unfolded in the cement industry. 

    Read Also: Gabonese referee Atcho for South Africa-Nigeria match

    He urged Nigerians to be vigilant and not be swayed by promises that may seem beneficial in the short term but could have long-term negative consequences.

    In a bid to mediate on the proposed shutdown, PETROAN held an emergency ordinary national general meeting, where it resolved to hold consultations on Sunday and Monday. 

    In the event of no fruitful outcome, the PETROAN Congress agreed to not to sack any employee who participate at all retail outlets nationwide by the early hours of Tuesday.

     To enforce this decision, a 120-man 

    compliance team will be mobilized as watchdogs to ensure safety of member’s facilities.

    As a critical plater amongst stakeholders, PETROAN will join other stakeholders in ensuring healthy competition in the oil and gas sector of Nigeria. 

    This collaborative effort aims to promote a conducive environment for workers, foster sector growth, and ultimately benefit the Nigerian economy.

  • PETROAN raises alarm over prolonged Port Harcourt, Warri, Kaduna refineries’ repair

    PETROAN raises alarm over prolonged Port Harcourt, Warri, Kaduna refineries’ repair

    The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has expressed deep concern over the persistent delays in the complete rehabilitation of the 210,000 barrels per day Port Harcourt Refinery, Warri Refinery, and Kaduna Refinery.

    In an official statement, the Association said that despite numerous assurances from the Nigerian National Petroleum Company Limited (NNPCL) and its officials, the projects have suffered repeated setbacks, with completion deadlines being missed multiple times.

    “While we acknowledge and applaud the commencement of the Old Port Harcourt refinery with the capacity of 60,000 barrels per day, we cannot stress enough the urgent need for commissioning, transparency and accountability of the second Port Harcourt Refinery with the capacity of 210,000 barrels per day, the Warri refinery and the Kaduna Refinery,” the statement read.

    PETROAN has demanded that the NNPC provide a specific and realistic timeline for the completion and commissioning of these refineries, especially the second Port Harcourt Refinery rehabilitation project.

    READ ALSO: Can Nigeria First policy fire up sluggish manufacturing sector?

    The statement read: “The Second Port Harcourt refinery, when completed, will serve the whole of system 2E, comprising about 13 states. This will reduce the cost of logistics/transportation of petroleum products from Lagos to the system 2E areas.  The current cost of transportation is highly exorbitant and affects the affordability of petroleum products in System 2E areas.

    “Nigerians and stakeholders want to know the exact date of delivery of the revamp project. The Nigerian people deserve clarity on when they can expect the refineries to commence operations and contribute to alleviating the nation’s fuel scarcity challenges.

    “We call on the relevant authorities to ensure that the NNPC adheres strictly to the contract timeline, once provided, and maintains regular communication with stakeholders on the project’s progress.”

    Given the worrisome nature of these delays and their far-reaching implications for the nation’s economy and welfare, PETROAN called on President Bola Tinubu to intervene by setting up a high-level facilitating panel.

    According to the association, this panel should comprise relevant stakeholders, including representatives from NMDPRA, NUPRC, NNPC, NUPENG, PENGASSAN, MEMAN, DAPPMAN, PETROAN, and other industry experts, to identify bottlenecks, provide solutions, and ensure the project’s timely completion.

    Billy Gillis Harry, the National President of PETROAN, stated in Abuja while addressing newsmen that the commencement of operations at the 210,000 barrels per day capacity refinery at Alesa Eleme, the 125,000 barrels Warri refinery, and the 110,000 barrels per day Kaduna Refinery will improve Nigeria’s petroleum sufficiency and positively impact price stability. However, he lamented that the project is running behind schedule.

    “The continuous delay in the completion of the Port Harcourt Refinery rehabilitation project and other refinery projects is unacceptable, and Nigerians deserve to know when the projects will be completed. The huge amount borrowed for the projects should be a serious concern to all citizens, and we will demand accountability for every naira spent on this project.”

    PETROAN commended President Tinubu for appointing Bayo Ojulari as the Group CEO of NNPC, calling on the new NNPC helmsman to see this glorious appointment as a call to national duty and put in his best to save the industry.

    PETROAN noted that the current vacancy in the office of the Managing Director of the Port Harcourt Refinery could be a significant barrier to the project’s progress.

    “We strongly recommend that the Group Chief Executive Officer of NNPC appoint a substantive Managing Director for the Port Harcourt Refinery in the shortest possible time.

    “This appointment would provide the necessary leadership and direction to drive the project forward and ensure its timely completion. The prolonged delay in the refinery’s completion not only undermines the nation’s efforts to achieve self-sufficiency in petroleum products but also exacerbates the economic hardship millions of Nigerians face. It is imperative that decisive action is taken to bring this project to fruition without further delay,” the statement read.

  • PETROAN: Foreign products ban must respect energy security

    PETROAN: Foreign products ban must respect energy security

    The Petroleum Products and Retail Outlet Owners Association of Nigeria (PETROAN) has warned the Federal Government to ensure its ban on the importation of foreign products does not affect energy security in the country.

    This was contained in a statement its National Public Relations Officer, Dr. Joseph Obele issued yesterday in Abuja.

    The statement quoted its National President, Dr. Billy Hary as saying: “Our primary concern is the availability and affordability of petroleum products in Nigeria to meet the daily consumption volume of over 46 million litres of petrol and other petroleum products.

    “We must ensure that our policies do not compromise energy security, as this could have far-reaching consequences for the economy and the wellbeing of Nigerians.”

    Read Also: UK to restrict visa applications from Nigeria, Pakistan, others

    PETROAN said it has cautiously welcomed the Federal Government’s decision to ban the importation of foreign goods produced locally, while emphasizing the need for careful implementation to avoid unintended consequences.

    Dr Gillis-Harry, applauded President Tinubu for the bold step. But he warned of potential pitfalls.

    He advised government on the import policy, stressing the need to avoid economic shock.

    While commending the government’s efforts to strengthen the domestic economy and promote local content, PETROAN emphasized the need for careful consideration to avoid unintended consequences.

    The association urged the government to ensure that the policy does not lead to shortages or price increases, particularly in the petroleum sector, where local refining capacity is still being developed.

    PETROAN advised that essential and sensitive products, such as petroleum products, pharmaceuticals, and other highly consumable goods, should be exempted from the ban or have a waiver to ensure their continuous availability.

    This is because some products may not be readily available locally, or their local production may be insufficient to meet demand, leading to shortages and price hikes.

    Other factors that may necessitate importing goods include: unavailability of specialised technology or expertise locally; higher quality standards of imported goods; economies of scale favouring imports; and strategic or critical nature of the product.

    Citing examples from other countries, PETROAN noted that even the United States, under the “America First” policy, has implemented targeted tariffs rather than blanket bans, allowing for flexibility and exemptions for critical goods

    Harry warned that the policy could worsen Nigerian inflation emphasised the need for energy security.

    The association called for increased investment in local refining infrastructure and support for domestic industries to enhance their competitiveness.

  • PETROAN: Ban on import of foreign products mustn’t affect energy security

    PETROAN: Ban on import of foreign products mustn’t affect energy security

    The Petroleum Products and Retail Outlet Owners Association of Nigeria (PETROAN) has warned the federal government to ensure its ban on the importation of foreign products does not affect energy security in the country.

    This was contained in a press statement its the national public relations officer, Dr. Joseph Obele issued from Abuja yesterday.

    The statement quoted its National President, Dr. Billy Hary, as saying, “Our primary concern is the availability and affordability of petroleum products in Nigeria to meet the daily consumption volume of over 46 million litres of petrol and other petroleum products.

    “We must ensure that our policies do not compromise energy security, as this could have far-reaching consequences for the economy and the well-being of Nigerians.”

    PETROAN said it has cautiously welcomed the Federal Government’s decision to ban the importation of foreign goods produced locally, while emphasising the need for careful implementation to avoid unintended consequences.

    The national president of PETROAN, Dr Billy Gillis-Harry, applauded President Tinubu for the bold step.

     But he warned of potential pitfalls.

    Harry counselled the government on the import policy, stressing the need to avoid economic shock.

    While commending the government’s efforts to strengthen the domestic economy and promote local content, PETROAN emphasised the need for careful consideration to avoid unintended consequences.

    The association urged the government to ensure that the policy does not lead to shortages or price increases, particularly in the petroleum sector, where local refining capacity is still being developed.

    PETROAN advised that essential and sensitive products, such as petroleum products, pharmaceuticals, and other highly consumable goods, should be exempted from the ban or have a waiver to ensure their continuous availability.

    This is because some products may not be readily available locally, or their local production may be insufficient to meet demand, leading to shortages and price hikes.

    Other factors that may necessitate importing goods include:

    • Unavailability of specialised technology or expertise locally

    • Higher quality standards of imported goods

    • Economies of scale favour imports

    • Strategic or critical nature of the product

    Citing examples from other countries, PETROAN noted that even the United States, under the “America First” policy, has implemented targeted tariffs rather than blanket bans, allowing for flexibility and exemptions for critical goods.

    Read Also: PETROAN: producers diverting .5m barrel of crude to international markets

    Advantages of Banning the Importation of Foreign Goods: Boosts Local Economy: By promoting local content, the policy can stimulate economic growth, create jobs, and increase domestic production.

    Reduces Trade Deficit: Reducing reliance on foreign goods can help narrow the trade deficit and conserve foreign exchange.

    Disadvantages of Banning the Importation of Foreign Goods: Potential Shortages: Banning imports can lead to shortages of essential goods, particularly if local production is insufficient or unreliable.

    Price Increases: Limiting importation can result in higher prices for consumers, as local producers may not be able to meet demand efficiently, leading to inflationary pressures.

    Harry warned that the policy could worsen Nigerian inflation, emphasising the need for energy security.

    The association called for increased investment in local refining infrastructure and support for domestic industries to enhance their competitiveness.

  • Global crude price drop, Naira-for-crude to lower fuel cost – PETROAN

    Global crude price drop, Naira-for-crude to lower fuel cost – PETROAN

    The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) says the recent drop in global crude oil prices has sparked hopes of a corresponding reduction in petrol prices in Nigeria

    Dr Billy Gillis-Harry, National President, PETROAN, while reacting to recent development in the oil and gas sector lauded the Federal Government’s decision to continue the Naira-for-Crude policy.

    The News Agency of Nigeria (NAN) reports that the Global Crude Oil is trading between 61 and 63 dollars currently.

    Brent crude futures were down three cents, or 0.05 per cent, at 63.30 dollars a barrel by 0827 GMT while U.S. West Texas Intermediate crude futures were up two cents, or 0.03 per cent, at 60.09 dollars.

    Brent and WTI are poised to register weekly declines of 3.5 per cent and three per cent respectively, having both lost about 11 per cent last week.

    Brent dipped below 60 dollars a barrel at one point this week for its lowest since February 2021.

    However, Gillis-Harry said the core reason for the global crude oil price drop was the weakening global demand due to economic slowdowns in major economies.

    This, he said coupled with increased production from non-OPEC countries, leading to a supply glut in the market.

    “This expectation is based on the understanding that local refineries will be able to produce petroleum products at a lower cost, which will then be reflected in the prices charged to
    consumers.

    “Additionally, President Donald Trump’s recent policy of imposing reciprocal tariffs has also contributed to the decline in crude oil prices, as it has dampened global economic growth and led to a recession, further depressing oil prices.

    “As the global crude oil price continues to fluctuate, PETROAN is optimistic that the Naira-for-crude policy will help to insulate the Nigerian economy from the volatility of the global market,” he said.

    The Federal Government, through its Technical Sub-Committee on the Crude and Refined Product Sales in Naira initiative, announced on Wednesday that the initiative would continue indefinitely.

    The move aims to sustain local refining, bolster energy security, and reduce reliance on foreign exchange in the domestic petroleum market.

    Gillis-Harry said with the Naira-for-Crude policy in place, the benefits of lower global crude prices would be passed on to consumers, leading to more affordable fuel prices.

    Read Also: Energy Justice Forum hails Tinubu for reinstating Naira-for-Crude policy

    “By reducing the country’s dependence on foreign exchange and promoting local refining, the policy is expected to lead to greater stability in the downstream sector and more affordable fuel prices for consumers.

    “With the Federal Executive Council’s directive to fully implement the policy, PETROAN is hopeful that the benefits of lower global crude prices will soon be felt by Nigerian consumers.

    “The policy’s objectives include: Boosting Local Refining Capacity: Enhancing domestic refining and investment in infrastructure: Improving Energy Security: Strengthening Nigeria’s energy independence and reducing reliance on foreign exchange.

    “It includes Stabilising Foreign Exchange Market: Decreasing dollar demand in domestic petroleum transactions,” he said.

    He thanked all the Ministry of Petroleum Resources, agencies and stakeholders for championing roundtable talks aimed at ensuring petroleum products affordability and price stability in Nigeria.

    (NAN)

  • Marketers seek compensation over ban on 60,000l trucks

    Marketers seek compensation over ban on 60,000l trucks

    …it’s a sacrifice everybody needs to make, says PETROAN 

    Marketers under the umbrella of Independent Petroleum Marketers Association of Nigeria (IPMAN) have vowed to request the federal government to compensate their losses due to the ban on loading of trucks in excess of 60,000 litres at the depots.

    Its national president, Alhaji Abubakar Maigandi broke the news to The Nation through a telephone interview.

    He said the association would demand for the compensation after computation of the losses. 

    The IPMAN boss said, “IPMAN is going to request the Federal Government to compensate those that have been affected. They invested in the trucks and served the country with them.

    Now they are incurring losses owing to the ban, the government has to compensate them.”

    He confirmed that the enforcement of the ban took effect from March 1st, 2025 following the declaration of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

    Maigandi however said the enforcement has only affected the marketers owning trucks in excess of 60,000 litres.

    Meanwhile, the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) differed from IPMAN.

    Speaking with The Nation on phone, PETROAN National President Dr Billy Hary on phone, said everybody has to make sacrifices and there was no need seeking compensation.

    He said although the ban mostly affected PETROAN and the Nigerian Association of Road Transport Owners (NARTO), they were part of the stakeholders who made the decision to ban the trucks in excess of 60,000 litres from loading at the depots.

    His words: “It is a sacrifice everybody needs to make. NARTO and PETROAN are mostly affected.

    “The decision was not made by the government itself but by us the stakeholders at a meeting.

    “We don’t have losses to cry about. We have decided it is a sacrifice we have to make. So, there is nothing to cry about.”

    Recall that the NMDPRA had on February 19 announced the ban trucks carrying over 60,000 litres of hydrocarbon products from loading from depots effective from 1st March 2025.

    Read Also: Ban on 60,000 litre-capacity trucks from roads to start March 1, says NMDPRA

    It also announced that from the Fourth Quarter of 2025, no truck carrying more than 45,000 litres of petroleum products shall be allowed to load from the depots.

    Executive Director, Distribution System, Storage and Retailing Infrastructure, Ogbugo Ukoha who made the disclosure said it was sequel to the meeting the Authority held with stakeholders in the industry owing to the reoccurring accidents and explosion due to over loaded petroleum products trucks.

    His words: “Beginning 1st March, trucks with capacity in excess with 60,000 litres will not be allowed to load in any loading depot of petroleum products.

    “By Q4 2025, we will also go to preclude the loading of transportation of petroleum products of any truck in excess of 45,000 litres. That is the breaking news for today.”

    He said the ban is in phases in order to allow the investors time to adjust to the directive.

    According to him, the investors, especially trucks owners need time to redesign the trucks and redirect their funding.

    He said the stakeholders that held the consensus decision at the meeting were the Nigerian Association of Road Transport Owners (NARTO), Independent Petroleum Marketers Association of Nigeria (IPMAN), SON, Major Oil Marketers Association of Nigeria (IPMAN) among others.

    “Breaking news about that today is that in today’s meeting comprising DSS, FERMA, Federal Fire Service, Road Safety, NARTO, NUPENG, MEMAN, PETROAN, IPMAN, DAPMAN, SON,” he said.

  • PETROAN: producers diverting .5m barrel of crude to international markets

    PETROAN: producers diverting .5m barrel of crude to international markets

    The Petroleum Products Retail Outlet Owners (PETROAN) has accused crude oil producers of diverting 500,000 barrels meant for domestic refineries to the international market.

    According to its National Public Relations Officer, Dr Joseph Obele who disclosed this in a press statement yesterday, the deal is in connivance with the international traders because of foreign exchange (forex).

    He said: “Approximately 500,000 barrels of crude oil per day are allocated for domestic refining, but these volumes often find their way to the international market.”

    The association commended commended the Federal Government for banning the exportation of crude oil allocated to local refineries.

    According to Obele, the move is expected to boost local refining capacity, reduce the importation of refined petroleum products, and ease pressure on foreign exchange supply.

    PETROAN said the exportation of crude oil meant for domestic refining has led to the abandonment of local refineries.

    Read Also: PETROAN decries slow pace of East West road despite N33b funding

    The statement stressed that it has been a major racketeering scheme, with producers and traders prioritizing quick foreign exchange proceeds over local refining.

    But the ban, said the association, is expected to have a positive impact on the economy, as refining crude oil locally will enrich the petrochemical industries and agricultural sector, reduce inequalities in income, and enable Nigeria to transition from a raw material supplier to a value-added product supplier.

    PETROAN’s National President, Dr. Billy Gillis-Harry, urged the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) to take swift action against refineries, cargo vessels, and companies that default on this policy.

    Harry said the policy would guarantee sufficient refined petroleum products in the country, leading to price reductions and better days ahead for Nigerian consumers.

  • PETROAN blames petrol price hike on crude oil

    PETROAN blames petrol price hike on crude oil

    Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has attributed the recent increase in Premium Motor Spirit (PMS) petrol prices to the rise in crude oil prices in the international market.

    According to PETROAN, the benchmark for oil prices, Brent crude oil, stood at $80.85 per barrel, while WTI oil and the OPEC basket were priced at $78.82 and $81.72 per barrel, respectively. The prices rose to a 4-month high following the introduction of new sanctions against Russian oil by the US.

    PETROAN made this known in a statement yesterday.

    The statement said Section 205 of the Petroleum Industry Act (PIA) states that petrol prices are determined by market forces, indicating that the government and NNPC no longer set petrol prices. As a result, operators of refineries in Nigeria will respond accordingly to changes in crude oil prices.

    According to the statement, the National President of PETROAN, Dr. Billy Gillis Harry, insisted that the increase in crude oil prices would inevitably affect domestic costs. “It’s no longer funny; even retail outlets owners are affected by this up-and-down dwindling of prices. It affects our business.”

    The National Public Relations Officer, Dr. Joseph Obele, who issued the statement said Harry emphasised that PETROAN members cannot buy petrol at a higher price and sell it at a lower price. “Our selling rate always reflects our buying rate. Our members shouldn’t be blamed for the current increase; it’s an external factor.”

    Read Also: PETROAN, refineries sign sales purchase agreements

    To mitigate the impact of PMS pricing in Nigeria, PETROAN advocates for privatising government-owned refineries and encouraging competition in the downstream sector.

    PETROAN said it believes that the privatisation of refineries will not only reduce the financial burden on the government but also increase efficiency and productivity in the sector. This, in turn, will lead to a more stable and competitive market, ultimately benefiting the Nigerian consumer.

    In addition, PETROAN is calling on the government to provide a more conducive business environment for retail outlet owners, including access to affordable financing and infrastructure development. By doing so, the government can help reduce the costs associated with running a retail outlet, thereby making petrol more affordable for Nigerians.

  • PETROAN blames petrol price hike on crude oil

    PETROAN blames petrol price hike on crude oil

    The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has attributed the recent increase in Premium Motor Spirit (PMS) petrol to the rise in crude oil prices in the international market.

    According to PETROAN, the benchmark for oil prices, Brent crude oil, stood at $80.85 per barrel while WTI oil and the OPEC basket were priced at $78.82 and $81.72 per barrel, respectively.

     The prices rose to a four-month high following the introduction of new sanctions against Russian oil by the US.

    PETROAN, in a statement on Saturday, by it’s president Dr Billy Gillis Harry explained section 205 of the Petroleum Industry Act (PIA) states that petrol prices are determined by market forces, indicating that the government and NNPC no longer set petrol prices. 

    It said operators of refineries in Nigeria will respond accordingly to changes in crude oil prices. 

    PETROAN insisted the increase in crude oil prices would inevitably affect domestic costs.

     “It’s no longer funny; even retail outlets owners are affected by this up-and-down dwindling of prices. It affects our business,” Harry stated. 

    Read Also: Dangote raises petrol price to N955 from N899/litre for bulk buyers

    The National Public Relations Officer, Dr. Joseph Obele, who signed the statement said Harry emphasised that PETROAN members cannot buy petrol at a higher price and sell it at a lower price. 

    “Our selling rate always reflects our buying rate. Our members shouldn’t be blamed for the current increase; it’s an external factor,” it added. 

    To mitigate the impact of PMS pricing in Nigeria, PETROAN advocates for privatizing government-owned refineries and encouraging competition in the downstream sector.

    Furthermore, PETROAN believes that the privatisation of refineries will not only reduce the financial burden on the government but also increase efficiency and productivity in the sector. 

    This, in turn, will lead to a more stable and competitive market, ultimately benefiting the Nigerian consumer.