
Mkpoikana Udoma
Port Harcourt — The Petroleum Retailers Outlet Owners Association of Nigeria, PETROAN, has commended NNPC Retail Ltd and Dangote Refinery for their efforts in reducing the pump price of Premium Motor Spirit, PMS, and implementing a refund initiative to cushion the impact on marketers.
This is as the NNPC Retail Limited on Monday announced a reduction in its pump price of PMS from N920 to N860 per litre.
Dangote Refinery had also recently slashed the gantry price of PMS from N920 to N875 per litre, a move that PETROAN described as a much-needed relief for Nigerians facing economic hardship.
In a further effort to support industry players, Dangote Refinery announced a N65 per litre refund to marketers who purchased PMS at the previous higher rate before its gantry price dropped from N890 to N825 per litre.
The initiative will cover over 200,000 metric tonnes of PMS, with Dangote absorbing a N16 billion loss to implement the refunds
Reacting on the development, PETROAN’s National President, Dr. Billy Gillis Harry, praised NNPC Retail Ltd for taking proactive steps to support the Nigerian people.
Harry in a statement signed by the National Public Relations Officer of PETROAN, Dr. Joseph Obele, noted that the refund initiative will also positively impact retail outlet owners, who will benefit from reduced prices and refunds.
“This price reduction is a welcome development at a time when many Nigerians are struggling with inflation and high living costs. It will ease transportation expenses and bring down the cost of essential goods,” PETROAN National President, Dr. Billy Gillis-Harry, said in the statement.
“We commend Dangote Refinery for this bold step. Many marketers bought PMS at the old price before the reduction, and this refund will help cushion their losses. This shows a commitment to fair pricing and consumer protection.”
PETROAN further urged Nigerians to remain optimistic, stressing that government reforms in the petroleum sector are starting to yield tangible benefits.