President of Nigeria’s oil retailer channel owners association Billy Gillis-Harry explains why fuel prices may reach 1,000 n1,000 per liter
According to him, Nigerians will buy gasoline for $1,000 per liter in the coming days based on the results of the discussion of the Naira-choosy deal between Nigerian refineries and the Nigerian government.
This is after the recent rise in gasoline prices between N930 and N960 of N860 and N880, partners at Dangote refinery, Mrs. fills the station, etc. He said, explaining the recent rise in gasoline prices;
You can’t blame anyone. This is the deregulation of downstream departments. This is economic and environmental factors. That’s what we really need.
Why do people blame the Dangote refinery or the federal government? Has anyone confirmed that the government has stopped Naira-the picky deal? He told the Daily Mail.
So that’s why we feel like no one can conclude that the deal has stopped. So, after all, from that time to today, NNPC still supplies crude oil in Nigeria and Sudan. So for now, you can’t conclude that this is because of the quality of our current pricing. Petroan handles the matter head-on with the respected oil minister.
We are clearly explained that some process is underway to review what has been done in the past 180 days, and today is over. According to our findings, the road ahead has not stopped. The way forward is not in any way to stop Naira – picky deals.
Therefore, we cannot say that it has stopped before making and pronunciating. So, this is not the reason.
That’s why we need to be careful, no one should ransom the system. Any information that appears should have realistic empirical evidence. So if I am as a businessman sure my business has speculation and I want to make certain precautions, I am free to do this because it is my business.
Dangot’s refinery business is mainly private enterprises operating in the free trade zone. Therefore, they have the right to make decisions the way they like. We believe these decisions should be suitable for market pricing because it is the largest refinery in Africa.
Then, like I said, there will be economic and environmental factors that determine the price of a product, goods or services. So if it changes for any reason and will respond to price dynamics of demand and supply, then it will be the same. So for me, I will blame it on the changes in economic prices going through, and I mean economic and environmental factors. That’s why. And I don’t think I want anyone to be responsible for it specifically.
So if other refineries also expect to sell their products in USD, then we will invest the USD in the Nigerian economy, which will be a failure for us as the Naira will be crushed.
When asked whether Nigerians will continue to experience fluctuations in oil prices, whether they like it or not,
What I’m saying is based on the variable evidence you have presented to me: the price will be unstable for a period of time. Price stability can only be achieved after a consistent average value is reached. At that time, we could say that the price would be a bit stable and the movement would not fluctuate too much. But as long as we still experiment in this case, the price will continue to be flexible.
The same market price will determine whether we will get N1,000 per liter. We are already selling N950 and above. Therefore, the price of gasoline cannot climb. But from a physical point of view, we can only work with empirical evidence.
I just returned to the drawing board and we will ask our members to review. Let’s see what the reality will be and then they can come up with the price of the Nigerian public that I will authorize. So for now, this is where I will stop and allow the market jury to determine how we grow our business.
However, some refineries and stakeholders have been pushing narratives from marketers, retailers and warehouse owners, which is why the current price rises as they store some products and eventually, they sell for huge profits. How will you react?
