Business
PETROAN to NNPCL : Emulate Dangote Refinery, slash your fuel price
The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has urged the Nigerian National Petroleum Company Limited (NNPCL), to slash its ex-depot price of Premium Motor Spirit (PMS), also known as petrol.
This comes after Dangote Refinery reduced its ex-depot petrol price to N899.50 per litre from N970.
The spokesperson for PETROAN, Joseph Obele, who made this call in a statement on Thursday, commended Dangote Refinery for the reduction.
“This price reduction, a decrease of N71 per litre from the initial price of N970, is a significant relief for motorists and Nigerians at large, especially during the holiday season,” PETROAN stated.
On his part, the National President of PETROAN, Billy Gillis-Harry, said that the price reduction by Dangote Refinery would alleviate the suffering of Nigerians and reduce the cost of living during the festive period.
“The price reduction will alleviate the suffering of Nigerians and reduce the cost of living and transportation during this festive period,” he said.
He also urged NNPCL to revisit its PMS selling rate to foster competition in the downstream sector.
“The reduction in petrol prices by Dangote Refinery has shown that competition can benefit consumers. We call on NNPCL to facilitate the privatisation of the Port Harcourt Refinery, which will introduce innovative consumer incentives, improve product quality, and enhance service delivery,” he said.
While Dangote Petrol’s ex-depot price stands at N899.50 per litre, that of NNPCL is N1,030.
In September and November 2024, respectively, Dangote Refinery and the Port Harcourt Refinery, owned by NNPCL, announced the rollout of petrol.
Meanwhile, oil marketers operating under the auspices of the Independent Petroleum Marketers Association of Nigeria (IPMAN) have projected a decrease in the retail cost of PMS to N950 per litre in Lagos State.
It also said petrol customers in the Federal Capital Territory may pay N990 for a litre.
The IPMAN National Publicity Officer, Chief Chinedu Ukadike, gave the hint during an interview with a national daily, stressing that the product will now trade for less than a thousand naira.