- PETROAN urges regulatory authorities to prevent monopolies and ensure price stability in Nigeria’s downstream petroleum sector.
- The association advocates for multiple supply sources, including local refineries and imports, to foster competition, protect investments, and stabilise the market.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged regulators to stop monopolies in the oil sector. The group wants fair competition and stable prices.
In a statement, PETROAN’s spokesperson, Dr Joseph Obele, said sudden price cuts had caused businesses to lose billions of naira. He warned that these losses could scare away investors.
PETROAN asked for multiple sources of fuel supply. They suggested using the Dangote Refinery, NNPC refineries, modular refineries, and imports. The group believes this will prevent price manipulation and protect consumers. Some stakeholders oppose fuel imports, but PETROAN insists that competition is necessary.
After talking with groups like MEMAN, DAPPMAN, and NUPENG, PETROAN repeated its call to stop monopolies. It urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Federal Competition and Consumer Protection Commission (FCCPC) to monitor the sector closely.
PETROAN also wants support for local refineries. The association says this will create jobs, boost the economy, increase local fuel production, and reduce dependence on imports. The group called for decisive actions to keep the oil market fair and competitive.