The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has urged the Nigerian National Petroleum Company Limited, NNPCL, to slash its ex-depot price of Premium Motor Spirit, PMS, commonly known as petrol.
The spokesperson for PETROAN, Joseph Obele, made this call in a statement on Thursday.
This comes after Dangote Refinery reduced its ex-depot petrol price to N899.50 per litre from N970.
Reacting to the price cut, PETROAN commended Dangote Refinery for the reduction.
“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.
DAILY POST reports that while Dangote Petrol’s ex-depot price stands at N899.50 per litre, that of NNPCL is N1,030.
In September and November 2024, respectively, Dangote Refinery and the Port Harcourt Refinery, owned by NNPCL, announced the rollout of petrol.