… Urges NNPCL to follow suit
Mkpoikana Udoma
Port Harcourt — The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has hailed Dangote Refinery for reducing the ex-depot price of Premium Motor Spirit to N899.50 per litre, a move that is expected to bring significant relief to Nigerian motorists, especially during the festive season.
This is as Dangote Refinery recently announced the reduction of PMs by N70.50 from the previous price of N970 per litre, which according to the company is to assuage the high transportation costs faced by Nigerians in recent months and enable people travel during the yuletide.
Reacting to the development, Dr. Billy Gillis Hary, the National President of PETROAN, expressed his approval of the price cut, describing it as a timely intervention that would ease transport costs for Nigerians.
The PETROAN boss also urged the management of Nigerian National Petroleum Company Limited, NNPCL, to reconsider its own pricing strategy, while ensuring that there is sufficient PMS stock during the yuletide season.
He emphasized that greater competition in the downstream sector would benefit consumers and help to drive down fuel prices across the board.
“The price reduction will alleviate transport costs and bring succor to Nigerians during this festive period. This is a welcome move, especially as the holiday season approaches and fuel demand typically spikes.
“The reduction in petrol prices by Dangote Refinery has shown that competition can benefit consumers. We call on NNPCL to revisit its PMS selling rate and consider facilitating the privatization of the Port Harcourt refinery. This will introduce innovative consumer incentives, improve product quality, and enhance overall service delivery in the sector.”
Also speaking, Dr. Joseph Obele, the National Public Relations Officer of PETROAN, echoed the President’s remarks, reiterating the association’s commitment to promoting a competitive downstream sector that prioritizes the interests of Nigerian consumers.
“A competitive market is key to improving the quality of service and ensuring that Nigerian consumers get the best value for their money,” Dr. Obele said.
The move by Dangote Refinery is seen as a potential catalyst for further price reductions and improvements in the Nigerian petroleum sector, with many industry stakeholders hoping that it will spark a wider trend of competition and efficiency in the market.
