PETROAN urges swift federal action as soaring petrol prices deepen economic strain
Amid a relentless surge in petrol prices nationwide, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has issued a strong appeal to the Federal Government, calling for immediate, targeted interventions to cushion the mounting hardship faced by millions of Nigerians.
In a statement released on Wednesday, PETROAN warned that the sustained rise in pump prices is exerting severe pressure not only on households but also on businesses and the broader economy.
The association described the situation as increasingly untenable, with far-reaching consequences already visible across key sectors.
“The ripple effects are unmistakable,” said PETROAN National President, Dr. Billy Gillis-Harry.
“Transportation costs are climbing, the prices of goods and services are escalating, and the overall cost of living continues to tighten its grip on citizens.”
While acknowledging that global crude oil price volatility and prevailing market realities play a role in shaping domestic fuel prices, PETROAN stressed that these factors cannot justify inaction in the face of growing public distress.
The group warned that without swift and pragmatic government intervention, the economic burden on families and small businesses could intensify, threatening productivity and stability.
To address the immediate crisis, PETROAN outlined a series of urgent, short-term measures it believes could provide critical relief.
Top on the list is a direct intervention to ease transportation costs, a move the association says would offer immediate respite to commuters grappling with higher fares.
PETROAN also called for strategic support to strengthen the Naira-for-Crude policy, arguing that improved local refining capacity would help stabilize fuel prices over time.
The association further urged the Nigerian National Petroleum Company Limited (NNPCL) to fully restore and sustain operations at the Port Harcourt Refinery, describing it as a necessary step toward dismantling monopolistic pressures and boosting domestic supply.
Recognizing the broader inflationary impact of rising fuel costs, PETROAN proposed the introduction of a temporary food subsidy to alleviate the strain on households.
It also emphasized the need to accelerate the adoption of alternative energy sources, including Compressed Natural Gas (CNG) and Liquefied Petroleum Gas (LPG), as more affordable and sustainable options for transportation and domestic use.
Beyond immediate relief measures, PETROAN called for sustained engagement between government and industry stakeholders to develop long-term strategies that ensure energy security, pricing stability, and a resilient supply chain.
The association reaffirmed its commitment to collaborating with authorities and industry players to guarantee the availability and efficient distribution of petroleum products across the country.
“While we recognize the ongoing reforms in the sector, the urgency of the moment demands decisive action,” PETROAN stated. “The welfare of Nigerians must remain paramount.”
