By Gwurld4026 
PETROAN President Warns: Fuel May Reach N1,000 per Litre
Billy Gillis-Harry, the National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), has indicated that petrol prices in Nigeria may soon exceed N1,000 per litre. This projection is influenced by several economic and environmental factors, including the ongoing discussions between Dangote Refinery and the Nigerian government regarding a Naira-for-crude deal. The outcome of these negotiations could significantly impact fuel pricing structures.
Gillis-Harry emphasized that the deregulation of the downstream sector and fluctuating crude oil prices play pivotal roles in determining petrol costs. He noted that while the Naira-for-crude arrangement has been in place, some PETROAN members have been purchasing products in dollars, reflecting the complex dynamics of the market. He advocates for a fair pricing mechanism supervised by authorities to ensure that all stakeholders in the petroleum value chain operate efficiently and transparently.
This anticipated increase comes despite earlier expectations that the commencement of operations at Dangote Refinery would lead to a reduction in petrol prices. In November 2024, petroleum marketers suggested that petrol prices might decrease to between N900 and N1,000 per litre by the Yuletide season, attributing this potential drop to the refinery’s intervention. However, current market realities, including the depreciation of the Naira and rising crude oil prices, have contributed to the upward trend in fuel costs.