Billy Sotubo Gills Harry, the president of the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), has stated that the downstream regulatory authorities only accept dollars as a currency of transaction from the association.

Harry stated this while featuring on the Morning Show, a television programme on Arise News, on Thursday morning.

He revealed that the only currency allowed for trade by the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Ministry of Petroleum Resources is the dollar.

Members of the association have to go through the hard process of sourcing for FX by all means in order to clear their cargoes at port, thereby influencing the end price of the products.

This revelation was in response to a question by Reuben Abati, one of the programme anchors, on whether it was true that petroleum retailers were paid in dollars despite the fact that the country’s currency was naira.

“That is what is at play,” said Harry. He expressed his leadership’s determination to challenge this framework the next time another petroleum shipment arrived in the country.

To be updated later.