Billy Gillis-Harry, President of the Petroleum Retail Owners Association of Nigeria (PROAN), has expressed concerns over the current market price of petroleum, estimating it should be between ₦1500 and ₦1950 per litre if tied to international rates. Speaking on Arise Television, he noted that such prices are unaffordable for most Nigerians and do not align with the economic realities of an oil-producing nation.
Gillis-Harry pointed out that the global average price for a litre of fuel is around $1.30, which is far beyond what Nigerians can afford given the current exchange rate of ₦1500 to a dollar. He criticized the non-operational state of Nigerian refineries, highlighting the government’s failure to produce petrol domestically, forcing reliance on imported petroleum and higher retail prices.
The PROAN president also emphasized the impact of high petroleum prices on retailers, as unsold stock affects their financial stability. He called for a transparent distribution process and better enforcement of compliance at retail outlets to ensure fairness in the market. Gillis-Harry concluded by stressing the importance of data-driven decision-making and adherence to laws by authorities to foster a culture of compliance.