Oil marketers have called for liberalisation of the downstream sector, where other players with licenses will be allowed to import more Premium Motor Spirit (PMS) or petrol into the country.

National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, made his stance known while appearing as a guest on Channels Television’s The Morning Brief on Tuesday.

According to him, healthy competition in the downstream sector will further protect the country from petrol price shocks following ongoing crisis in the Middle East, which has affected the importation of petrol into the country.

Crisis in the Middle East has seen petrol rise above N1,200 per litre locally. He argued that market liberalisation will create healthy competition among players and eventually lead to product affordability.

“We do not want to recommend a total dependence on getting petroleum products from foreign. Importation should not be a permanent thing.

“Our position is that since we have a local refinery, such as the Dangote Refinery, which has helped advance the economy, there is still clearly a need to bring in additional product sources. This will help liberalise the market and ensure that it is competitive.

“The fact that we are depending on the Dangote Refinery today is a great pointer to where we can go. While we think that refining will increase in the country, temporarily, we should also allow imports to come in because that will help us to be able to compete favourably”. He said.

Gillis-Harry faulted the recent position of the World Bank, which advised Nigeria to further deepen fuel importation.

In its April 2026 Nigeria Development Update (NDU), the World Bank dished out a clear set of policy actions centred on removing supply-side constraints, warning that without decisive intervention, inflationary pressures could intensify despite recent moderation.

The report identified restricted competition in the downstream petroleum sector and trade barriers on critical imports as key drivers of cost escalation across the economy. It recommended reinstating petrol import licences to reintroduce competition in the PMS market, where pricing pressures have intensified following the suspension of import permits earlier in the year.

According to the report, the absence of competitive supply has contributed to a situation where domestic petrol prices have risen above import parity levels.

As of March 2026, PMS prices stood at about N1,275 per litre locally, compared to an estimated import parity price of around N1,122 per litre, implying a cost differential of roughly 12 per cent.

“I do not accept everything that the World Bank advises. We have enough intellectuals in this country. We have very great financial minds and economists who can give Nigeria the direction we can drive. Not that we are an island, but most of these advices are tinted, in my own opinion”, the PETROAN Chair said.

Gillis-Harry faulted popular claims that the country risks falling prey to substandard imported products.

“This is not correct, although I won’t say that imported is better than locally refined products.

“Rather, I will say that imported products will go through the necessary check processes of the regulator to ensure that the quality better. So, there will be no time that substandard products will be allowed into the system.

“Yes, there were times we suffered those kind of challenges but they are not permanent. I believe that NMDPRA has always risen to the occasion to make sure that those products are taken out of circulation, or repaired immediately to meet up to the standard.

“PETROAN members do import. We also have receptacles that huge quantity of refined products. For us, buying from Dangote is good but having some alternatives is also helpful.

“Our members cuts across all the stakeholders- whether major marketers, or depot marketers, and others. So, we import when the opportunity comes, for those who have been given licenses. And they won’t import substandard products. They must import what will be acceptable”, he noted.

He emphasised the importance of a liberalised downstream sector, adding that products affordability is key.

“We don’t want to depend on importation. We also want to support the local refinery which is the Dangote Refinery. But while we are doing that; to ensure we don’t have difficulty in supplies, liberalisation will o a lot of good for us.

“If you have five suppliers, there will be competition and products will be affordable. Affordability is a good thing for Nigerians. Importation should not stop us from mounting pressure on NNPC to make our local refineries roar back to life. And we should also encourage more refiners like BUA, Azika so we can have multiple sources of products.

“We celebrate Dangote Refinery. We are so proud of Dangote Refinery. We are comfortable with him, but while we are comfortable with him, we should also think about the future. Liberalisation will be the focus to guarantee affordability”, he said. (Channels)

Update news