Fuel marketers call for emergency measures to curb cost-of-living crisis

• CPPE, others propose solutions

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By Adewale Sanyaolu

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised the alarm over the growing hardship faced by Nigerians as rising petrol prices continue to erode household incomes and strain businesses.

To this end, the association called on the Federal Government to urgently intervene to cushion the impact.

A statement by the National President of PETROAN, Mr. Billy Gillis-Harry, warned that the steady increase in pump prices in recent weeks has intensified financial pressure in the country, triggering a chain reaction that has pushed up transportation costs, inflated the prices of essential goods, and weakened consumers’ purchasing power.

Despite acknowledging ongoing reforms in the oil and gas sector, PETROAN insisted that decisive and immediate action is required to alleviate the hardship currently faced by Nigerians, warning that failure to act could further weaken economic conditions of the people.

The body lamented that the situation is rapidly worsening for ordinary citizens, with many households struggling to cope with daily expenses as the cost of mobility and basic commodities continues to rise.

It noted that small businesses are equally affected, as higher energy costs eat into margins and reduce productivity, threatening broader economic stability.

While acknowledging the influence of global oil market dynamics on domestic fuel pricing, the association stressed that without swift and practical government action, the economic burden on Nigerians will deepen, further compounding existing socio-economic challenges.

PETROAN specifically urged the Federal Government to implement immediate, temporary relief measures to ease the pressure on citizens. Among its recommendations is the introduction of transportation support initiatives to directly reduce the burden of high fuel costs on commuters, as well as targeted interventions to curb rising food prices and support vulnerable households.

The association also called for strategic improvements to the Naira-for-Crude policy to boost local refining capacity and stabilise fuel supply, alongside urgent steps to ensure the full and sustained operation of the Nigerian National Petroleum Company Limited-managed Port Harcourt Refinery to enhance domestic supply and reduce pricing pressures.

In addition, PETROAN emphasised the need to accelerate the adoption of alternative energy sources such as Compressed Natural Gas and Liquefied Petroleum Gas, which it described as more affordable options for transportation and household use.

The association maintained that beyond short-term fixes, there must be sustained collaboration between government and industry stakeholders to develop long-term solutions that ensure energy security, price stability, and a resilient supply chain.

Also offering solutions, the Director General, Centre for the Promotion of Public Enterprises (CPPE), Dr Muda Yusuf recommended expanding domestic refining capacity, supporting alternative energy adoption through tax waivers on solar equipment, and scaling up efficient public transport to reduce the cost of commuting. Improving electricity infrastructure remains the long-term solution to stabilize energy costs.

Monetary and fiscal authorities are also cautioned against premature policy easing. “Oil revenue windfalls should be managed prudently, with emphasis on strengthening foreign exchange reserves and supporting productive sectors,” CPPE CEO Dr. Muda Yusuf advised.

While Nigeria’s headline inflation shows signs of moderation, the combination of persistent domestic pressures and rising external energy shocks means that the gains are precarious. Experts also noted that forward-looking policies are critical to safeguard citizens, support businesses, and maintain macroeconomic stability in an increasingly volatile global environment.

Experts recommend building strategic fuel reserves to cushion against supply disruptions and prevent abrupt price hikes.

They also want accelerated CNG conversion.