According to him, such an institution will work directly with refiners and marketers to absorb market risks, facilitate product distribution, and stabilize fuel pricing.

He urged the Federal Government to introduce additional incentives that would support independent marketers and help keep fuel prices affordable for consumers.

"Fuel distribution affects every sector of the economy. When fuel prices rise, transportation costs increase and inflation spreads across society.

"Government policies should therefore focus on promoting affordable energy while ensuring energy security," he said.

Ukadike also called for the rehabilitation and full operation of local refineries, including the Port Harcourt and Kaduna Refineries.

He said that the domestic refining capacity would enhance competition, diversify supply sources, and contribute to greater price stability in the petroleum sector.