Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has reacted to the reduction in the price of petrol product at private depots.
This is as PETROAN urged Nigerians to exercise patience for the reduction to reflect in pump prices nationwide.
According to the National President of PETROAN, Billy Gillis-Harry, the reflection will not be immediate.
He welcomed the depot price reduction by Dangote, but highlighted the challenges of implementing an immediate change in retail prices.
Recall that Dangote Petroleum Refinery announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), popularly known as petrol from N950 to N890 per litre and the new price took effect on Saturday, February 1, 2025.
In a statement signed by Dangote Group’s Chief Branding and Communications Officer, Anthony Chiejina, the refinery attributed the price adjustment to positive developments in the global energy and gas markets, as well as a recent decline in international crude oil prices.
This reduction, according to the refinery, aligns with its commitment to transparency and fairness, as evidenced by a previous price increase on January 19, which was necessitated by rising crude oil prices at the time.
Dangote Refinery expressed confidence that the new pricing would lead to a significant reduction in the cost of petrol across the country. This, in turn, is expected to lower the prices of goods and services, ease the cost of living, and create positive ripple effects across various sectors of the economy.
“As part of Dangote Refinery’s unwavering commitment to transparency and fairness, this price revision reflects the ongoing fluctuations in global crude oil markets, as highlighted in the refinery’s statement on 19th January, when a modest increase was implemented due to the previously rising international crude oil prices.
“In addition, Dangote Petroleum Refinery calls upon marketers to collaborate in this effort, to ensure that these benefits are passed on to the Nigerian populace.
This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” it stated.
The PETROAN President highlighted that while the price reduction might not immediately be reflected at the pumps, he urged members of the association to lower their retail prices accordingly when purchasing fuel at the reduced price.
He explained that many filling stations still had stock purchased at the previous higher price, which would make it difficult for them to adjust pump prices immediately.
“Price changes are not usually instantly applicable, but ultimately it will apply. You can’t see it immediately, because we have already bought products, we have already purchased different kinds of products in our retail outlets at the price it was prior to the changes made,” he said.
He, however, reiterated the association’s commitment to collaborating with the Dangote refinery and other stakeholders to ensure fair pricing and sustainability in the downstream petroleum sector.
He advocated that anyone buying at the new price from yesterday (Sunday) should endeavour to reflect that price in their retail outlets to ensure consistency and fairness in the market.
MEANWHILE, PETROAN has said its members are now loading petroleum products from the Port Harcourt and Warri refineries.
In a statement at the weekend, PETROAN’s spokesman, Joseph Obele, said the loading had doused previous doubts that the refineries owned by the Nigerian National Petroleum Company Limited (NNPC) were not fully operational.
“PETROAN members are now loading petroleum products, including Dual-Purpose Kerosene, Automotive Gas Oil, and Premium Motor Spirits,” he said.
“The resurgence of these refineries has sparked intense competition, expected to drive down petroleum prices.
“As Nigerians advocate for lower PMS prices, it is clear that competition is a crucial factor in triggering price reductions.
“The refineries’ revitalisation has brought numerous benefits, including the eradication of adulterated diesel and kerosene from the market.”
Obele said the lack of functional refineries resulted in the widespread circulation of counterfeit petroleum products, putting consumers at serious risk.
