Oil marketers have highlighted the uncertainty surrounding Nigeria’s petrol prices, explaining that predicting the future cost of Premium Motor Spirit (PMS) is nearly impossible.

Bill Gillis-Harry, President of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), shared insights into this in a recent discussion, expressing concerns over rising fuel costs and the challenges within the oil and gas sector.

With growing speculation that petrol prices could soar to N1,500 per litre by December, Gillis-Harry emphasized that price fluctuations in Nigeria’s deregulated oil market make it hard to project any stable figures.

He pointed out that the pressing issue shouldn’t just be the price but rather the country’s energy security and ensuring a steady supply of petroleum products.

“Nothing remains the same,” he remarked, underscoring the constant shifts in the industry.

“We can’t pinpoint a specific figure for December’s fuel prices; instead, we must ensure we have enough stock to maintain our energy security.”

The unpredictability has added pressure to an already strained market, with petrol prices now exceeding N1,030 per litre in several areas nationwide.

The situation has been challenging for Nigerians, who are facing steep costs at the pump.

On October 9, the Nigerian National Petroleum Company Limited (NNPC) raised its pump price in Abuja to N1,030 per litre, up from N897, while other locations saw prices ranging from N1,080 to N1,300 per litre, based on demand and supply in those regions.

In response to the mounting crisis, oil marketers are seeking government intervention to avoid a potential collapse of the petroleum industry.

They recently requested a N100 billion support package from the federal government, aimed at stabilizing operations and mitigating the financial pressures on petroleum businesses.

This request, they argue, is critical to sustain operations, maintain job security, and manage the ever-changing landscape of Nigeria’s oil sector.