Petrol Retailers Speak on Cheap Fuel Prices, Send Message to Dangote, NNPCL
Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.
The Petroleum Retailers Outlet Owners Association of Nigeria, PETROAN, have finally reacted to the new fuel prices from Dangote Petroleum Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL).
The association commended the move, noting that it would relieve some financial pressures from Nigerians and help check the rising inflation.
NNPCL has followed Dangote Refinery’s earlier move, slashing down petrol prices from N945 to N860 per litre.
Source: UGC
This was a reaction to an earlier price move from Dangote Refinery last week when it crashed the price from N890 per litre to N825 for its customers, bringing the pump price down to N860 and N865 across different states in the country.
Speaking with the VANGUARD, the National President of PETROAN, Dr. Billy Gillis Harry, noted that this price reduction would soon trickle into other areas and result in an overall reduction in the cost of living.
He explained that transportation costs will come down in a little while, making it easier and cheaper for people to transport goods and food items, and eventually moderating the inflation.
Recall that inflation hit 34.80% as at December 2024 but reduced to 24.8% in January 2025 after the National Bureau of Statistics rebased the Consumer Price Index using 2024 as base year.
Food inflation also came down from the 39.4% recorded in December 2024 to about 26% in January 2025.
The Dangote Refinery also moved to refund N65/l to customers who bought at the old price of N890.
Source: Getty Images
This move was to ensure that all partner filling stations immediately adopt the new pump price even while selling old stock.
The decision to refund meant that Dangote Refinery had to absorb a N16 billion loss as a total refund on over 200,000 metric tonnes of PMS purchased at the old price.
The PETROAN president praised the Dangote Refinery for the commitment to make the refund, noting that it protected the retailers from having to make losses to sell at the new price.
In related news, the Dangote petroleum refinery again announced a reduction in the price of petrol sold from its facility to its customers and partners.
The new price is N65 less than the former price of N890 and is set to trigger changes in fuel pump prices at filling stations across the country in the coming days.
Dangote Refinery said the new prices provide essential relief to Nigerians in anticipation of the upcoming Ramadan season.
The refinery also announced its intention to make the price changes immediate, to take effect from Thursday, February 27, 2025.
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Source: Legit.ng
