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The Petroleum Products Retail Owners Association of Nigeria (PETROAN) has cautioned President Bola Ahmed Tinubu against the hasty implementation of the newly announced Nigeria First Policy, which includes a ban on foreign goods imports. The association warns that the policy could trigger significant price increases for fuel and other essential goods.
In a statement issued Tuesday, PETROAN’s National President, Gillis-Harry, expressed concerns about the policy’s potential to disrupt the supply of premium motor spirit (petrol) and other imported products. The Nigeria First Policy, unveiled by President Tinubu on Monday following a Federal Executive Council meeting, aims to bolster the nation’s economy by prioritizing local production.
While commending the initiative, Gillis-Harry urged the government to tread carefully to avoid unintended consequences, particularly in the petroleum sector, where local refining capacity remains underdeveloped. He recommended a gradual phase-out of imports for critical goods like petroleum products, pharmaceuticals, and other high-demand consumables to prevent shortages and price surges.
PETROAN highlighted two major risks: potential shortages due to insufficient local production and price hikes driven by supply-demand imbalances. “Our primary concern is the availability and affordability of petroleum products,” Gillis-Harry stated, noting Nigeria’s daily consumption exceeds 46 million liters of petrol and other fuels. “Policies must not jeopardize energy security, which could severely impact the economy and Nigerians’ well-being.”
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