Petrol
Petrol price has settled at less than N1,000 per litre across all filling stations in the Lagos area with the traditional petrol queues completely disappeared, Political Economist NG correspondents report on Saturday.
A weekend visit to multiple filling stations showed that petrol price has crashed to less than N1000 in Lagos area with NNPC Limited filling stations selling at N925 per litre.
Meantime, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has asked the Federal Government to privatise state-owned refineries while requesting for a ₦100 billion grant from President Bola Tinubu to help oil marketers stay afloat in the aftermath of subsidy removal.
In a statement on Saturday, titled PETROAN’S Retrospect of Nigeria’s Oil and Gas Downstream Sector 2024, the association listed several milestones recorded in the sector in 2024.
The body of retailers recommended the privatisation of “Nigerian-owned refineries, such as the Warri and Kaduna refineries, to reputable private companies to improve efficiency and reduce government spending”.
In a statement signed by its President Billy Gillis-Harry, National Secretary Adedibu Aderibigbe, and spokesman Joseph Obele, PETROAN said the grant will help retailers avoid the closure of oil their businesses.
This, it said, is “to help prevent the closure of 10,000 marketers’ businesses. The request is in response to the threat of job losses that would result from the removal of the fuel subsidy.
They called on relevant authorities to work with “neighbouring countries to strengthen border security and prevent smuggling, and also utilize digital tracking systems to monitor petroleum products from refineries to retail outlets”.
“To boost Nigeria’s refining capacity and reduce reliance on imported petroleum products, we strongly recommend that crude oil be made available for local refineries,” the statement read.
“This strategic move will have a positive impact on the country’s economy and energy security. By prioritizing local refineries’ access to crude oil, Nigeria can unlock the full potential of its refining sector, drive economic growth, and enhance energy security.”
PETROAN wants a “competitive market by encouraging new entrants and promoting a level playing field to prevent monopolies and ensure fair pricing,” the statement said.
