By Our Reporter
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged members of the association to reduce their retail price when they buy at the reduced price announced by Dangote Petroleum Refinery at the weekend.
Speaking to journalists on the price slash on Sunday, the National President of PETROAN, Billy Gillis-Harry, highlighted the challenges of implementing an immediate change in retail prices.
He appealed to Nigerians to exercise patience, saying price reduction may not immediately reflect in pump prices of petrol
According to him, many filling stations still have stock purchased at the previous higher price, making it difficult to adjust pump prices immediately.
“Price changes are not usually instantly applicable, but ultimately it will apply. You can’t see it immediately, because we have already bought products. We have already purchased different kinds of products in our retail outlets at the price it was prior to the changes made this evening.
“But the only thing we will advocate is that anyone who starts buying at the new price from today (Sunday) should endeavor to reflect that price in their retail outlets”, he added.
Dangote Petroleum Refinery had on Saturday, February 1, 2025, reduced the ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol, from N950 to N890, effective same day, in a bold move to drive economic relief for Nigerians.
According to the company, the price adjustment is in response to favourable developments in the global energy sector and a significant decline in international crude oil prices.
Dangote Refinery’s decision reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices.
A statement from Dangote Petroleum Refinery, issued by the Group Chief Branding and Communications Officer, Anthony Chiejina, explained that this latest move follows a similar decision made on 19th January, when a modest price increase was implemented due to rising crude oil costs.
However, with recent global market trends indicating a decline, Dangote Refinery has 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, 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”, the statement said.
The refinery also called on marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerian public, while reiterating its support for the economic revival spearheaded by President Bola Tinubu, whose administration is focused on making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub.
“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”, it added.
The refinery’s decision is expected to play a vital role in stabilising the country’s economy, ensuring that the benefits of lower fuel prices are felt across all sectors.