PETROAN WARNS OF FUEL, GOODS PRICE HIKES AMID NIGERIA’S FOREIGN IMPORT BAN. (PHOTO).

 PETROAN Warns of Fuel, Goods Price Hikes Amid Nigeria’s Foreign Import Ban

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.”