The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has said that it requested from the Federal Government N100 billion intervention fund to help stabilise the petroleum products’ market and make them more accessible to Nigerians.
PETROAN President, Dr. Billy Gillis-Harry, spoke while featuring on Arise TV’s This Morning Show yesterday, adding the demand was also necessitated by the high cost of capital/loans from financial institutions.
He explained that there was the urgent need for financial intervention to offset the high cost of business operations in the sector.
According to him, the high cost of financing has exerted great pressure on petroleum product retailers.
He stated that this has directly impacted the prices that consumers face at the pump.
He posited that the intervention fund could provide the necessary financial relief to ensure a seamless supply of petroleum products at reduced prices.
He stated that the intervention could be integrated into the federal government’s budget, adding that the federal government should prioritize the request, as according to him, it has immense benefits for the broader economy. Gillis-Harry said:
“The request for N100 billion intervention was requested because it is going to cushion the cost of money in our business.
And that will go a long way to making petroleum products available and affordable to Nigerians. “Every year, there’s a budget, and this N100 billion is just a small fraction of it.
It’s going to significantly ease our operations, especially considering that the current cost of money is between 36 and 40 per cent.
