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‘It’s Priced Out Of Nigerian Wallets’ – Retailers Reveal Real Cost Of Petrol

Published

6 months ago

Jul 10, 2024.

PROAN President Billy Gillis-Harry highlighted that aligning Nigeria’s petroleum prices with international rates would make fuel unaffordable for most Nigerians

EKO HOT BLOG reports that 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, estimating it should be between ₦1500 and ₦1950 per litre if aligned with international rates.

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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.

He noted that the global average price for a litre of fuel is about $1.30, which far exceeds what most Nigerians can afford given the current exchange rate of ₦1500 to a dollar.

Gillis-Harry stressed that Nigeria, despite being a major oil producer, is still subject to international pricing standards, which significantly influence 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.

Retailers price Of Petrol

He called for a more transparent distribution process and better enforcement of compliance at retail outlets to ensure fairness and efficiency in the market.