The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on fuel marketers to lower petrol prices in response to a recent reduction by the Dangote Refinery. This move aims to make fuel more affordable for Nigerians and stimulate healthy competition in the downstream sector.
Following Dangote Refinery’s price cut, the cost of Premium Motor Spirit (PMS), commonly known as petrol, has decreased from ₦1,020 to ₦899 per litre in Lagos. Other cities, including Warri, Oghara, Port Harcourt, and Calabar, have seen prices drop to ₦970 per litre.
Dr. Billy Gillis-Harry, PETROAN’s National President, praised the Nigerian National Petroleum Company Limited (NNPCL) for its role in reducing prices, highlighting the benefits for consumers, such as lower transportation costs and increased disposable income. He also noted that the reduction could boost economic growth by decreasing living expenses and enhancing the quality of life for Nigerians.
However, Gillis-Harry cautioned that while competitive pricing can attract customers and increase sales, it must not compromise product quality. He urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to ensure compliance with quality standards across the industry.
In the Eastern zone, Chief Sunny Nkpe, PETROAN’s Zonal Chairman, assured that local leaders would monitor the situation to ensure consumers benefit from the price reductions. Dr. Joseph Obele, PETROAN’s National Public Relations Officer, expressed optimism about further price decreases, citing declining global crude oil prices and the strengthening of the Naira against the dollar.
Aliko Dangote, President of Dangote Industries Limited, expressed gratitude to President Bola Tinubu for facilitating a Naira-for-crude swap deal that has positively impacted petrol pricing. Anthony Chiejina, the Dangote Group’s Chief Branding and Communications Officer, confirmed a partnership with MRS to offer petrol at ₦935 per litre nationwide, emphasizing their commitment to providing quality fuel at competitive prices for all Nigerians.
These developments reflect a concerted effort within Nigeria’s petroleum industry to make fuel more affordable and accessible, benefiting consumers and the broader economy.
