The Petroleum Products Retail Outlets Owners Association of Nigeria has urged marketers to reduce the price of Premium Motor Spirit, aka petrol, following the reduction in the ex-depot price of the product from N950 to N890 per litre by the Dangote refinery.
Dangote Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective from Saturday.
Mr Anthony Chiejina, the Group Chief Branding and Communications Officer, Dangote Petroleum Refinery, said this in a statement on Saturday in Lagos.
Chiejina said that the price adjustment was in response to favourable developments in the global energy sector and a significant decline in international crude oil prices.
He explained that this latest move followed a similar decision made on Jan. 19 when a modest price increase was implemented due to rising crude oil costs.
Chiejina said with recent global market trends indicating a decline, Dangote Refinery had once again adjusted its pricing structure, providing relief to Nigerians.
The statement also noted that the price reduction would significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy.
“Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide,” he said.
He said the reduction would drive 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.
The refinery called on marketers across the country to ensure that the benefits of the reduced price were passed on to Nigerians.
Reacting on Saturday night, the National President of PETROAN, Billy Gillis-Hary, noted that while the price cut was a welcome development, there was the need for a smooth transition in retail pricing.
Gillis-Harry, who spoke in an interview on Arise TV monitored by our correspondent, explained that filling stations had already stocked up products purchased at the previous price, making an immediate reduction in pump prices challenging.
“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 working with Dangote refinery and other stakeholders to ensure fair pricing and sustainability in the downstream petroleum sector. (Pieced together from reports by NAN and Sunday PUNCH)
