By Adenike Lawal
Oil marketers in Nigeria have raised alarm over the crippling impact of fluctuating fuel prices on their businesses, warning that the volatility could force many out of operation.
Billy Gilly-Harris, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), voiced these concerns during an interview on Channels Television’s Business Morning.
He described the unpredictable price swings of Premium Motor Spirit (PMS) as a major threat to financial stability in the sector.
The turbulence stems from a fierce price war between Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL).
Dangote Refinery recently slashed its ex-depot price by ₦65, causing petrol prices at its outlets to drop from around ₦925 to ₦860 per litre.
NNPCL quickly responded by lowering its own retail prices, intensifying market uncertainty.
Gilly-Harris warned that many oil marketers are facing mounting losses, making it difficult to sustain operations.
“We are staring at the real possibility of businesses shutting down,” he said, urging regulators to create a pricing mechanism that balances affordability with business survival.
With the industry at a crossroads, PETROAN is calling on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and consumer protection agencies to intervene, ensuring a fair and stable market that supports both competition and sustainability.
