Market News
Marketers Seek Immediate Crude-In-Naira Supply To Halt Price Surge - INDEPENDENT
LAGOS – The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), has implored the Federal Government to urgently consider strategic intervention to boost the supply framework of the Naira-for- Crude policy to enhance local refining and stabilize pricing.
It explained that the suggestion was necessary in order to protect Nigerians from the continuous rise in the prices of petroleum products across the country.
It noted that while market realities and global crude oil price fluctuations may influence domestic pricing, there is an urgent need for pragmatic steps to mitigate the immediate hardship faced by Nigerians.
Without timely intervention, the group reasoned that economic burden on households and small businesses may worsen, leading to reduced productivity and heightened economic instability
Dr. Billy Gillis-Harry, the National President of PETROAN, in chats with Daily Independent also advised the Federal Government to give urgent directive to Nigerian National Petroleum Company Limited to fully restart and sustain operations at the Port Harcourt Refinery in order to dismantle monopolistic tendencies and improve domestic supply.
He also sought accelerated promotion and adoption of alternative energy sources, including Compressed Natural Gas (CNG) and other gas options such as LPG, to provide more affordable and sustainable fuel alternatives for transportation and domestic use.
