Nigeria’s petrol retailers have rejected a call by civil servants for President Bola Ahmed Tinubu to cut the pump price of petrol to N500 per litre, saying current market conditions make such a reduction virtually unattainable.
Fuel price dispute
- The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) responded to the request from public-sector employees represented by the Joint National Public Service Negotiating Council.
- PETROAN National President Billy Gillis-Harry said on Monday that selling petrol at N500 per litre would require a miracle under present conditions.
- He argued that the proposal does not correspond with realities in Nigeria’s downstream oil market and that a reduction to that level would not be commercially feasible.
- Gillis-Harry also warned against bringing back fuel subsidies, saying Nigerians and the Federal Government could not afford to return to a system that had pushed the country close to economic collapse.
- He challenged supporters of the N500 target to establish their own refineries, arrange the necessary logistics and operate filling stations capable of selling fuel at that price.
“Anyone seeking petrol at N500 per litre should build a refinery, secure the logistics and establish retail outlets to make that price possible,” Gillis-Harry said.
Regulatory talks and Dangote cut
His comments came as the Federal Government, represented by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), held discussions with oil and gas industry stakeholders on how to promote more competitive fuel pricing.
Separately, Dangote Refinery lowered its petrol price by N25 per litre to N1,325 after international crude oil prices declined.
