The president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gilly-Harry has stated that Nigerians should expect a rise in petrol prices.

According to him, fuel will now be sold at prevailing markets.

He made this known as a guest on Channels Television's Morning Brief on Tuesday, September 3, 2024.

Gilly-Harry also stated that maintaining the current petrol price of around N600 per litre may not be sustainable as the Nigerian National Petroleum Company Limited faces challenges in ensuring adequate fuel supply in the country.

Due to the ongoing scarcity, petrol prices have increased to around N950 and even exceeded N1000 per litre at non-NNPCL filling stations across the country.

The NNPCL had recently raised the petrol pump price to N855 per litre at its retail stations and N897 per litre at stations operated by independent marketers.

Gilly-Harry pointed out that although the NNPCL sells fuel at a price lower than its landing cost, this situation indicates that a loss is incurred somewhere in the supply chain.

The PETROAN boss informed Nigerians to brace up for market-driven petrol prices in the coming months.

“For me, what I will say is to encourage Nigerians to buy petroleum products at the price that the market forces will determine," he stated.

He said that the country has many other challenges that require subsidy, and so opportunities should not be wasted on oil and gas, which are natural blessings for Nigerians.