News Investigators/ The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called for immediate reinstatement of petrol import licences to encourage multiple supply sources, deepen competition and stabilise pump prices.
Billy Gillis-Harry, National President of PETROAN, made the call on Tuesday in Abuja, while reacting to the World Bank report, urging the Federal Government to reinstate petrol import licences to avert a potential inflation spike.
Mr Gillis-Harry said that the position of the World Bank had validated PETROAN’s long-standing advocacy for a liberalised and competitive downstream market.
He noted that the World Bank in the report highlighted that restricted competition and supply constraints in the downstream sector had contributed to rising fuel prices, with Premium Motor Spirit (PMS) prices exceeding import parity levels.
He warned that sustained supply rigidity coupled with rising global oil prices could therefore worsen inflationary pressures across the Nigerian economy.
The PETROAN president reiterated its commitment to promoting healthy competition in Nigeria’s downstream petroleum sector as a catalyst for growth, efficiency and price stability.
He noted that competition remained the most effective tool for stabilising prices and ensuring energy security.
“PETROAN aligns with this position and emphasises that a competitive and liberalised market framework is essential for ensuring price moderation, product availability and operational efficiency.
“The reintroduction of petrol import licences will promote supply diversification, prevent monopolistic tendencies and ultimately protect consumers from exploitative pricing,” he said.
He also noted that the recent outrageous price of petroleum products would not have occurred if government-owned refineries were fully functional or properly privatised.
He said that sustained competition in the downstream sector could only be achieved through a combination of fuel importation and the full privatisation of government-owned refineries in Port Harcourt, Warri, and Kaduna.
According to him, this will ensure efficiency, eliminate operational bottlenecks, and create a truly competitive supply environment.
”Healthy competition is not a threat to local refining but a necessary mechanism to stabilise the market while domestic refining capacity continues to grow, including contributions from facilities such as the Dangote Petroleum Refinery.”
Mr Gillis-Harry also called for full privatisation or commercial restructuring of government-owned refineries to ensure efficiency, transparency, and optimal performance.
He further called for the commencement of production activities at the Port Harcourt Refinery and the creation of a truly deregulated and competitive market environment with clear regulatory oversight that would prevent monopoly and promotes fair pricing across the value chain.
“PETROAN therefore calls on the Federal Government and relevant regulatory agencies to urgently implement policies that encourage open market participation, remove supply bottlenecks, and ensure a level playing field for all operators in the downstream sector.
“The Association remains committed to working collaboratively with stakeholders to build a resilient, transparent, and competitive petroleum distribution system that supports economic stability and national development,” he emphasised.
NAN