Oil marketers have told Nigerians to prepare for a potential increase in petrol prices, as they warn of a looming hike. This comes despite the recent start of production at the Dangote Refinery, which many hoped would lower fuel prices.
Billy Gilly-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria, stated that the current petrol price of around ₦600 per litre is not sustainable. He highlighted the challenges faced by the Nigerian National Petroleum Company Limited, which is struggling to maintain a steady supply.
Gilly-Harry advised Nigerians to brace for higher prices driven by market forces and urged the need for realistic solutions beyond fuel subsidies. He also acknowledged the NNPC’s transparency but emphasized the difficulties for retail outlet owners in the current market.
The NNPC recently admitted to owing its petrol suppliers $6 billion, contributing to fuel shortages and long queues at filling stations nationwide.
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