Dangote: PETROAN urges marketers to slash petrol prices
The Petroleum Products Retail Outlets Owners Association of Nigeria has urged marketers to reduce the price of Premium Motor Spirit, or petrol, following the Dangote Refinery's decision to lower the ex-depot price from N950 to N890 per litre.Anthony Chiejina, Group Chief Branding and Communications Officer at Dangote Refinery, announced a petrol price reduction in a statement on Saturday.
The refinery explained that the price cut was motivated by the recent drop in global crude oil prices and a positive outlook for the international energy market.
This comes after the refinery raised its prices a few weeks ago in response to earlier increases in global crude oil costs.
The refinery expressed confidence that the price reduction would help lower petrol costs across the country, lowering the prices of goods and services.
"Dangote Petroleum Refinery is confident that the reduction from N950 to N890 will result in a significant decrease in the cost of petrol nationwide, 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 encourages marketers to join this effort to ensure that these benefits are passed on to the Nigerian people.
"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.
Billy Gillis-Hary, National President of PETROAN, acknowledged the price cut as a positive development.
However, he emphasised the importance of a smooth transition in retail pricing to ensure the change is effectively implemented.
In an interview with Arise TV, Gillis-Hary explained that filling stations had already stocked up on products purchased at the previous price, making an immediate reduction in pump prices difficult to achieve.
"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," according to him.
PETROAN reaffirmed its commitment to working with Dangote Refinery and other stakeholders to ensure fair pricing and long-term viability in the downstream petroleum industry.
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