The Petroleum Retail Owners Association of Nigeria (PROAN) stated that the true open market price of petroleum is between N1500 and N1950, but this is not a price that most Nigerians will be able to afford
Some key points from this interview include:
– The average global price of a litre of fuel is about $1.30, which is above N1500 per litre at an exchange rate of N1500 to a dollar.
– Despite Nigeria’s natural resources, they are subjected to international trading metrics.
– Nigeria’s refineries are non-functional, which should be the main focus of the country.
– The association president, Dr. Billy Gillis-Harry, emphasized that a litre of fuel in Nigeria should not sell at that price, considering the country’s status as an oil and gas producer.
