The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged the federal government to introduce immediate temporary measures to shield citizens and businesses from the effects of rising petrol prices.

In recent weeks, the steady increase in pump prices has placed significant

financial pressure on citizens, businesses, and the national economy.

PETROAN national president Dr Billy Gillis-Harry, notes that these costs have triggered a ripple effect, manifesting in inflated transportation fares, rising

prices for essential goods, and a significant decline in household purchasing power.

While acknowledging global market influences, the association warned that without prompt action, the burden on households and small enterprises could undermine productivity and economic stability.

“PETROAN recognises the impact of global market dynamics on domestic pricing; however, we emphasise that without pragmatic and timely interventions, the

economic burden on households and small-scale enterprises will continue to

hinder productivity and threaten broader economic stability.

To mitigate this, PETROAN outlined five short-term recommendations:

Transportation Relief: Implement immediate measures to offset

transportation costs and alleviate the direct impact of high fuel prices on the populace; Naira-for-Crude Policy Optimisation: Strategically bolster the supply

framework of the Naira-for-Crude initiative to enhance local refining

capacity and stabilise domestic pricing;

Refinery Operationalisation: Issue an urgent directive to the NNPCL to restore and sustain full operations at the Port Harcourt Refinery to break monopolistic constraints and improve domestic supply security.

Other measures included Food Security Support: Introduce temporary initiatives to mitigate the surge in food prices and provide relief to vulnerable households and Alternative Energy Adoption: Accelerate the promotion and integration of

alternative energy sources, specifically Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG), to offer more affordable and sustainable fuel alternatives for transportation and domestic use.

Furthermore, PETROAN called for sustained, high-level engagement among oil and gas stakeholders to formulate long-term solutions that guarantee energy security,

price stability, and a resilient supply chain.

PETROAN said it remained committed to collaborating with the federal government of

Nigeria and all industry partners to ensure the efficient distribution of products nationwide. “While we acknowledge the government’s ongoing sector reforms, we

appeal for decisive action to alleviate current hardships and safeguard the economic welfare of all Nigerians,” the association stated. (LEADERSHIP)

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