Billy Gilly-Harry, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), has warned that Nigerians should brace themselves for an increase in petrol prices.
The days of purchasing Premium Motor Spirit (PMS) at around ₦600 per litre may soon be a thing of the past, as petrol is set to be sold at market prices.
This news was revealed during Gilly-Harry’s appearance on Channels Television’s Morning Brief, where he disclosed that the Nigerian National Petroleum Company Limited (NNPCL) is struggling to maintain fuel supplies.
“The situation is so dire that NNPCL has accumulated over $60 billion in debt to PMS suppliers. This financial burden is expected to push petrol prices even higher, with reports already showing prices soaring to ₦950 and above ₦1000 per litre in non-NNPCL stations.”
Gilly-Harry expressed his frustration, pointing out that the NNPC’s current pricing at ₦590 per litre is unsustainable. “Who is bearing this cost? Someone is bleeding, and we need to stop playing politics with this issue,” he remarked.
He went on to urge Nigerians to prepare for petrol prices dictated by market forces, even as many continue to struggle with the economic burden.
The reality of this news will hit Nigerians hard, especially as the country is already grappling with high inflation.
With the cost of living skyrocketing, an increase in petrol prices will intensify the financial strain on ordinary citizens.
Petrol is a fundamental part of daily life in Nigeria, not just for personal transportation but also for businesses that rely on fuel for operations, including transportation of goods and services.
When petrol prices rise, the ripple effects are felt across the economy, which is the major reason for the present hike in prices of goods and services.
This will further increase transportation costs, leading to higher prices for food, goods, and services, compounding the already high inflation, making basic necessities even more unaffordable for many Nigerians.
The burden will be especially heavy on low-income earners, who already spend a large portion of their income on essentials.
Moreover, the increase in fuel prices can lead to a rise in unemployment as businesses struggle with higher operating costs, potentially leading to layoffs or reduced hours for workers.
The overall economic stress could also increase social unrest, as frustration mounts over the worsening financial situation, just as we saw in ‘#Endbadgovernance Protest nationwide in the month of August.
This news implies a difficult road ahead for Nigerians, who are already facing tough economic conditions.
