The President of the Petroleum Retail Owners Association of Nigeria (PROAN), Billy Gillis-Harry, has highlighted the challenges faced by Nigerians with the current market price of petroleum, which he estimates should be between ₦1500 and ₦1950 per litre if tied to international rates.
In an interview with Arise Television, Gillis-Harry explained that such pricing is unaffordable for the average Nigerian and does not reflect the economic realities of an oil-producing country.
According to Gillis-Harry, the global average price for a litre of fuel hovers around a dollar and 30 cents, a figure that far exceeds what most Nigerians can afford given the current exchange rate of ₦1500 to a dollar.
He stressed that Nigeria, despite being a major oil producer, is still subject to international pricing standards which greatly influences local fuel costs.
The non-operational state of Nigerian refineries was another concern raised by the PROAN president, who criticized the government’s ongoing failure to produce even a single litre of petrol domestically.
This situation forces the country to depend entirely on imported petroleum, making it necessary for retailers to mark up prices to cover importation costs and ensure business viability.
Gillis-Harry also touched on the impact of high petroleum prices on retailers, noting that without sufficient consumer buying power, the stock remains unsold, affecting their financial stability.
He called for a more transparent distribution process and better enforcement of compliance at retail outlets to ensure fairness and efficiency in the market.
In his concluding remarks, Gillis-Harry emphasized the need for decision-making based on thorough data analysis and examples of law adherence by those in authority to foster a culture of compliance among the populace.
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