By Abidemi Samuel
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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the Nigerian National Petroleum Company Limited (NNPCL) to slash its ex-depot price of Premium Motor Spirit (PMS), commonly known as petrol. This appeal comes on the heels of Dangote Refinery’s decision to reduce its ex-depot petrol price from N970 to N899.50 per litre, a move that has been commended by PETROAN.
According to Joseph Obele, spokesperson for PETROAN, the price reduction by Dangote Refinery is a significant relief for motorists and Nigerians at large, especially during the holiday season. The National President of PETROAN, Billy Gillis-Harry, echoed this sentiment, stating that the price reduction would alleviate the suffering of Nigerians and reduce the cost of living during the festive period.
Gillis-Harry also urged NNPCL to revisit its PMS selling rate to foster competition in the downstream sector. He emphasized that the reduction in petrol prices by Dangote Refinery has shown that competition can benefit consumers. Furthermore, he called on NNPCL to facilitate the privatization of the Port Harcourt Refinery, which would introduce innovative consumer incentives, improve product quality, and enhance service delivery.
Currently, Dangote Petrol’s ex-depot price stands at N899.50 per litre, while that of NNPCL is N1,030. This disparity has raised concerns about the need for NNPCL to review its pricing strategy to remain competitive in the market.
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