[BREAKING] Dangote: PETROAN urges marketers to slash petrol prices

The Petroleum Products Retail Outlets Owners Association of Nigeria has called on marketers to lower the price of Premium Motor Spirit, or petrol, in light of the Dangote Refinery’s decision to reduce the ex-depot price from N950 to N890 per litre.

Dangote refinery in a statement released on Saturday by the Group Chief Branding and Communications Officer, Anthony Chiejina, on Saturday revealed a price reduction on petrol.

The refinery explained that the price reduction was driven by the recent decline in global crude oil prices and a positive outlook in the international energy market.

This follows a price adjustment made just weeks ago, when the refinery increased its prices in response to earlier rises in global crude oil costs.

The refinery expressed confidence that the price reduction would help lower petrol costs across the country, thereby easing the prices of goods and services.

“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy.

“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,” the statement read.”

The National President of PETROAN, Billy Gillis-Hary, acknowledged that the price cut was a positive development.

However, he emphasized the need for a smooth transition in retail pricing to ensure the change is effectively implemented.

Gillis-Hary, speaking in an interview on Arise TV, explained that filling stations had already stocked up on products purchased at the previous price, which makes an immediate reduction in pump prices difficult to implement.

“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 stakeholders to ensure fair pricing and long-term sustainability in the downstream petroleum sector.