The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has justified its earlier request that the Federal Government authorize a N100 billion intervention fund to help stabilize the petroleum products market and make them more accessible to Nigerians.
Dr. Billy Gillis-Harry, President of the association, spoke on Arise TV’s yesterday about the urgent need for financial intervention to offset the high cost of business operations in the sector.
“The request for N100 billion intervention was requested because it is going to cushion the cost of money in our business. And that will make a long way to make petroleum products available and affordable to Nigerians.”
He further elaborated on the source of the proposed funds, emphasizing that the intervention could be integrated into the federal budget.
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“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 percent,” he stated.
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