– Opposes sale of petroleum products in Dollar
Mkpoikana Udoma
Port Harcourt — The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has cautioned Nigerians against panic buying of petroleum products, assuring that there is no imminent fuel scarcity.
The association dismissed widespread speculation that the temporary suspension of Naira sales by Dangote Refinery is responsible for fuel queues in parts of the country.
“There is no justification for panic buying,” PETROAN’s National President, Dr. Billy Gillis Harry, said in a statement on Tuesday.
“The Nigerian National Petroleum Company Limited, NNPCL, has two functional refineries, and there are modular refineries and importers actively supplying petroleum products to the market. Nigerians should remain calm and go about their normal activities.”
PETROAN emphasized that the federal government, the Ministry of Petroleum, and regulatory agencies are committed to ensuring a steady supply of petroleum products.
The group reiterated its stance on local production as the best path to energy security but acknowledged that importation remains necessary for market stability.
“We are strong advocates for local production, but we also recognize that it may not fully meet demand at this time. To ensure stable and sustainable supply, the window for petroleum imports should remain open. This will prevent shortages, promote competition, and help keep prices in check.”
Addressing concerns about the Naira-for-Crude initiative, PETROAN clarified that the policy has not been scrapped but was under review following the completion of its six-month test run.
“The initiative has not been terminated. The federal government is currently evaluating its feasibility and sustainability. We urge the Ministry of Petroleum Resources to ensure that whatever decision is taken aligns with Nigeria’s economic goals and protects the interests of petroleum retailers.”
PETROAN strongly opposed any move to sell petroleum products in Nigeria using the U.S. dollar, warning that such a practice would worsen inflation and increase pressure on the naira.
“We reject any attempt to sell petroleum products in dollars within Nigeria. This would put unnecessary pressure on foreign exchange and escalate inflation, making life even more difficult for Nigerians. The government must ensure all transactions within the country are conducted in naira to protect the economy.”
PETROAN also called for a review of the Petroleum Industry Act, PIA, to align it with current industry realities.
“A comprehensive review of the PIA is necessary to address emerging challenges, attract investment, and improve efficiency in the petroleum sector,” Dr. Harry said.
The association commended the federal government for allowing market forces to determine fuel prices, saying this approach fosters competition and prevents monopolies.
PETROAN urged Nigerians to disregard false reports of fuel scarcity, assuring that there is no disruption in supply. “We call on the public to remain calm. There is no need for panic buying. The fuel supply remains stable, and all stakeholders are working to maintain availability at all times.”
