The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has instructed fuel marketers to lower the pump price of Premium Motor Spirit (PMS), commonly known as petrol, in response to a recent reduction in the ex-depot price by Dangote Refinery......CLICK HERE TO CONTINUE READING>>>.....CLICK HERE TO CONTINUE READING>>>
Dangote Refinery announced on Saturday that it had reduced the ex-depot price of petrol from N950 to N890 per litre, attributing the decision to a drop in global crude oil prices and a favorable outlook in the international energy market.
Reacting to the development, PETROAN’s National President, Billy Gillis-Harry, described the price cut as a positive move but emphasized the need for a gradual transition in retail pricing.
Speaking during an interview on Arise TV, he noted that many filling stations had already stocked fuel purchased at the previous rate, making an immediate price adjustment difficult.
“However, we advocate that anyone purchasing at the new rate from Sunday (today) should ensure that the price change is reflected in their retail outlets,” he said.
PETROAN reaffirmed its commitment to collaborating with Dangote Refinery and other industry stakeholders to promote fair pricing and sustainability within Nigeria’s downstream petroleum sector.