Billy Gillis-Harry, the National President of the Petroleum Retailers Outlets Owners Association of Nigeria (PETROAN), has shed light on the recent surge in petrol prices, explaining the factors behind the increase from ₦860-₦880 to ₦930-₦960 per litre at Dangote Refinery’s partner stations, including MRS.
In an exclusive interview, Gillis-Harry warned that petrol prices could rise beyond ₦1,000 per litre, depending on the outcome of the Naira-for-crude deal discussions between Dangote Refinery and the Nigerian government via the Nigerian National Petroleum Company Limited (NNPC).
Who is Responsible for the Price Increase?
According to Gillis-Harry, no single entity is to blame for the price hike. He attributed it to the deregulation of the downstream sector and prevailing economic and environmental factors. He cautioned against speculation regarding the status of the Naira-for-crude deal, stating that it has not been officially halted.
“There’s no need to jump to conclusions. The NNPC has continued to supply crude oil in Nigeria and even in Sudan. PETROAN has engaged with the Honourable Minister of Petroleum, and we were assured that a review of the last 180 days is ongoing, not a cancellation of the deal,” he said.
Dangote Refinery’s Role in the Price Surge
When asked if Dangote Refinery played a part in the price increase, Gillis-Harry admitted that the refinery and its partners had an impact. He noted that while some PETROAN members continue to buy crude in naira, others have been invoiced in dollars, leading to market fluctuations.
“Dangote Refinery is a private business operating in a free trade zone, and they have the right to make decisions that suit their pricing model. The refinery is the biggest in Africa, and as Nigerians, we should be proud of it,” he stated.
The Influence of Global Crude Prices
Gillis-Harry emphasized that the international crude oil market significantly influences domestic fuel prices.
“The price of crude oil is a key input cost. If it rises, production costs increase, and so does the price of petrol. If it drops, prices should adjust accordingly. The market will always experience fluctuations,” he explained.
Future of Petrol Pricing in Nigeria
Responding to concerns that petrol prices could exceed ₦1,000 per litre, Gillis-Harry stated that price volatility is inevitable until a stable pricing mechanism is established.
“We are already seeing prices at ₦950 and above. Market forces will determine whether we hit ₦1,000 per litre. However, PETROAN is actively exploring alternatives, engaging suppliers from India, the Netherlands, Germany, and France to ensure a competitive pricing structure,” he added.
Accusations Against Marketers and Depot Owners
Some industry stakeholders have accused marketers and depot owners of hoarding products to create artificial scarcity and drive up prices. However, Gillis-Harry dismissed these claims, stressing that PETROAN relies on empirical evidence rather than speculation.
“Speculation creates panic. PETROAN focuses on facts and a structured business model to ensure the availability of petroleum products at fair prices,” he said.
Gillis-Harry urged Nigerians to remain hopeful despite the price volatility.
“There’s no need to panic. We are working towards a long-term solution that ensures stability and affordability in the petroleum sector,” he assured.
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