Oil marketers have raised concerns over the adverse effects of fluctuating Premium Motor Spirit (petrol) prices on their businesses. Billy Gilly-Harris, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), voiced his worries during Channels Television’s Business Morning on Tuesday. According to him, the persistent volatility in petrol prices over the past few weeks threatens the survival of PETROAN members. His concerns come amid an ongoing price war between Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL). Following Dangote Refinery’s N65 reduction in ex-depot prices, its retail pump price dropped from N925-N930 to N860. Shortly after, NNPCL also slashed its prices at its retail stations, intensifying competition between the two major industry players. Billy-Harris said “In our consistently weekly reviews, we discovered that the size of loss, and the possibility of most of us getting out of business is glaring at us in the face. Because in today’s Nigeria, we have collaborative efforts being made between all the stakeholders, and we reach out to one another to know how the businesses are doing. “As much as we are making efforts to make sure that Nigerians have product affordability from our end as the last mile in the industry, we also want to stay afloat and liquid. “The challenge we have is that we buy products at a price today, and before the close of business, the price has reduced. We thought there should be a mechanism by which prices are analysed and ensure it doesn’t impact negatively on the industry. “I have always said that every business can only survive by making some minimal profits that are commensurate to the price of paying the cost of doing business. “We are fully aware that the international prices of crude oil and other related expenses are also being reduced. But when we invest to buy products at say N880, we are not going to sell at that price. And if such products become reduced to N840, N850, N860 or even N870 per litre, it becomes challenging how we will be able to recover our costs.”