PETROAN warns of rising petrol hardship in Nigeria, urging swift government action to ease costs for households and businesses

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised alarm over the worsening economic strain on Nigerians as rising petrol prices erode household incomes and inflate the cost of essential goods.

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In a statement, PETROAN National President, Mr. Billy Gillis-Harry, urged the Federal Government to intervene urgently, warning that ongoing increases in pump prices have triggered higher transportation costs and weakened consumers’ purchasing power.

“Despite oil sector reforms, decisive action is required to prevent further economic hardship,” Gillis-Harry said.

“Failure to act could deepen the financial strain on households and small businesses, threatening broader economic stability.”

The association highlighted that small businesses are particularly vulnerable, with rising energy costs eating into profit margins and reducing productivity.

PETROAN also stressed the impact on daily life, noting that many families struggle to meet basic expenses amid soaring fuel and food prices.

Among immediate measures recommended, PETROAN called for transportation support initiatives, targeted interventions to curb food price inflation, and urgent improvements to the Naira-for-Crude policy to strengthen local refining capacity.

The association also urged the full and sustained operation of the Port Harcourt Refinery to boost domestic fuel supply.

Highlighting long-term solutions, PETROAN advocated for accelerated adoption of alternative energy sources, such as Compressed Natural Gas and Liquefied Petroleum Gas, which could provide affordable options for both households and transport operators.

Supporting PETROAN’s call, the Director General of the Centre for the Promotion of Public Enterprises (CPPE), Dr. Muda Yusuf, emphasised expanding domestic refining capacity, incentivising solar and other alternative energy through tax waivers, and improving public transport infrastructure.

He also advised prudent management of oil revenue windfalls to strengthen foreign exchange reserves and support productive sectors.

Experts cautioned that while headline inflation shows signs of moderation, persistent domestic pressures and global energy shocks make economic gains fragile.

They urged building strategic fuel reserves and fast-tracking CNG conversions to prevent abrupt price hikes.

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PETROAN concluded that collaboration between government and industry stakeholders is essential to ensure energy security, price stability, and a resilient fuel supply chain.