The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has said the retail prices of petrol, affected by constant reductions during the naira-for-crude deal, “were not honest”.
On Wednesday, the federal government said the naira-for-crude deal will continue after the first phase ended on March 31.
With the suspension of the deal, the Nigerian National Petroleum Company (NNPC) Limited as well as other filling stations raised the price of petrol at their retail outlets.
The development was contrary to the normal price reductions when the contract was in force.
Speaking to reporters on Wednesday, Billy Gillis-Harris, president of PETROAN, stated that the constant drop in petrol prices by NNPC and Dangote refinery meant that retailers had to reduce their prices even though they bought the product at higher rates.
He urged the federal government to ensure that subsequent phases of the deal are “driven by the real factors of what the economy and environment dictates”.
“The prices of petrol that were being bandied about in the market were not honest,” he said.
Gillis-Harris urged the authorities to continue mediation regarding the naira-for-crude deal and “ensure that there is fair pricing and there is no untoward practice”.
“As businessmen, we need to also ensure that we are not taking advantage of the system to create difficulties for Nigerians. So at every level, there should be some level of control,” he said.
Gillis-Harris said the naira-for-crude dea benefits the country.
“But while the deal was going on, we were still buying some part of our products in dollars. So, it is nothing new really to us that Dangote refinery is now selling in dollars,” the PETROAN president said.
