Oil marketers have lamented the fluctuating prices of petrol in the country, saying the development negatively impacts on their business.

Speaking during an interview on Channels TV on Tuesday, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gilly-Harris, said that the unstable petrol prices constituted threats to the survival of their business.

“In our consistently weekly reviews, we discovered that the size of loss and the possibility of most of us getting out of business are glaring at us in the face,” Mr Gilly-Harris said. “Because in today’s Nigeria, we have collaborative efforts being made between all the stakeholders, and we reach out to one another to know how the businesses are doing.”

The PETROAN boss noted, “As much as we are making efforts to make sure that Nigerians have product affordability from our end as the last mile in the industry, we also want to stay afloat and liquid.”

This development came amid ongoing price rivalry between the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote refinery. 

Recall that both the Dangote refinery and the NNPCL recently announced reduction in the prices of petrol; a move that demonstrates the seemingly endless price war between the key players in the sector.

According to Mr Gilly-Harris, there is a need for a mechanism to analyse petrol prices to mitigate its negative effect on the operations of oil marketers.

He stated, “The challenge we have is that we buy products at a price today, and before the close of business, the price has reduced. We thought there should be a mechanism by which prices are analysed and ensure it doesn’t impact negatively on the industry. I have always said that every business can only survive by making some minimal profits commensurate to the price of paying the cost of doing business.’’