The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has explained that the recent increase in fuel price is not a deliberate move to penalize consumers.
According to the association, the price increase reflects prevailing conditions in the global crude oil market.
In an official statement signed by PETROAN’s National Public Relations Officer, Joseph Obele, the group said international crude oil prices have risen sharply due to geopolitical tensions and supply concerns, particularly in the Middle East.
It added that Brent crude is currently trading above $70 per barrel, one of the highest levels recorded in recent months, leading to higher landing costs for imported petroleum products.
PETROAN noted that in Nigeria, the retail price of PMS has increased to between 835 and 880 naira per litre in major cities following recent depot and gantry price adjustments.
The association warned that higher fuel prices would impact transportation, logistics, and the cost of goods, thereby adding to inflationary pressures across the country.
To mitigate the impact on Nigerians, PETROAN called on the Federal Government to take urgent steps, including revamping the government-owned refineries in Warri, Kaduna, and Port Harcourt.
As well as strengthening strategic fuel reserves, stabilizing the naira to reduce import costs, encouraging competition in the downstream sector, and investing in alternative energy sources.
The association warned that without proactive policy measures, the fuel price increase could lead to further hardship for Nigerians.
