The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has assured Nigerians that there is no reason to panic over fuel availability, despite concerns about the Naira for Crude policy.
No Fuel Scarcity Expected
PETROAN’s National Public Relations Officer, Joseph Obele, stated on Tuesday that the temporary halt of naira-based fuel sales by Dangote Refinery will not affect supply. He urged Nigerians to avoid panic buying, as the Nigerian National Petroleum Company Limited (NNPC Ltd.), modular refineries, and fuel importers continue to ensure steady distribution.
“We want to assure everyone that there is no need for panic buying. NNPC Ltd. has two functional refineries, and there are other modular refineries and importers keeping the market supplied. There is no fuel shortage,” he said.
Support for Fuel Imports
Obele added that while PETROAN supports local refining, the country still needs fuel imports to meet demand. He urged the government to keep the importation window open to prevent shortages and encourage price competition.
“We believe local refining is key to energy security and job creation, but we also recognise that imports are still necessary. Keeping the option open will ensure steady supply and price stability,” he explained.
Naira-for-Crude Policy Under Review
On the Naira for Crude policy, PETROAN confirmed that the six-month trial phase has ended and is now under review by the federal government. Obele clarified that the policy has not been cancelled but is being assessed for its long-term feasibility.
“We understand that the government is still evaluating the sustainability of the Naira for Crude arrangement before making a final decision,” he said.
Opposition to Dollar-Based Sales
PETROAN’s National President, Dr Billy Gillis-Harry, criticised any move to sell petroleum products in foreign currency within Nigeria. He warned that this could worsen economic problems and urged the government to enforce naira-based transactions for all fuel sales.
“All fuel sales in Nigeria should be in naira to protect the economy and the welfare of Nigerians,” he stated.
He also called for a review of the Petroleum Industry Act (PIA) to ensure it reflects current market realities and supports both local production and price stability.
Despite concerns about the Naira-for-Crude policy and Dangote Refinery’s recent decision, PETROAN reassures Nigerians that fuel supply remains stable. The association urges the government to prioritise local refining while maintaining fuel imports to meet demand and prevent price spikes.