The Petroleum Products Retail Outlets Owners Association of Nigeria announced on Monday its support for sourcing petroleum products from multiple channels, including imports.

In a statement issued in Abuja, PETROAN said it had consulted key stakeholders in the petroleum sector and decided to support healthy competition and price stability in the downstream industry.

““To this effect, PETROAN advocates the importance of preventing monopolies and ensuring local refineries thrive, given their significant economic benefits to the country.  Healthy competition is essential for fostering innovation, improving service delivery, and ensuring that consumers have access to affordable products.

“When competition thrives, it leads to better choices for consumers and ultimately contributes to economic growth. PETROAN firmly believes that a competitive downstream sector is not just beneficial but necessary,” the Dr Billy Gillis-Harry-led group stated.

PETROAN further said “To achieve this, PETROAN advocates for a multiplicity of supply sources, including Dangote Refinery, NNPC refineries, modular refineries, and imports. This diverse range of sources will foster competition, especially with imports, allowing for comparisons with international market prices and protecting the local market from exploitation.

“We advocate for policies that dismantle barriers to entry for new players, promote fair practices among existing companies, and ensure that no single entity can dominate the market to the detriment of consumers.”

The association praised government agencies for fostering competition but urged regulators to stay vigilant against unfair practices.

It highlighted that the sudden price reduction has led to massive losses for marketers, amounting to billions of naira.

PETROAN warned that the situation creates uncertainty for investors, discouraging further investment in the sector.