Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the Nigerian National Petroleum Company Limited (NNPCL) to reduce its ex-depot price of Premium Motor Spirit (PMS), commonly referred to as petrol.
Gatekeepers News reports that in a statement released on Thursday, PETROAN spokesperson Joseph Obele highlighted the need for this price adjustment.
This request follows the recent announcement from Dangote Refinery, which lowered its ex-depot petrol price to N899.50 per litre, down from N970.
PETROAN expressed its appreciation to Dangote Refinery for this price reduction, acknowledging the positive impact it may have on the market.
“This price reduction, a decrease of N71 per litre from the initial price of N970, is a significant relief for motorists and Nigerians at large, especially during the holiday season,” PETROAN stated.
On his part, the National President of PETROAN, Billy Gillis-Harry, said that the price reduction by Dangote Refinery would alleviate the suffering of Nigerians and reduce the cost of living during the festive period.
“The price reduction will alleviate the suffering of Nigerians and reduce the cost of living and transportation during this festive period,” he said.
He also urged NNPCL to revisit its PMS selling rate to foster competition in the downstream sector.
“The reduction in petrol prices by Dangote Refinery has shown that competition can benefit consumers. We call on NNPCL to facilitate the privatisation of the Port Harcourt Refinery, which will introduce innovative consumer incentives, improve product quality, and enhance service delivery,” he said.
