The Petroleum Retailers Outlet Owners Association of Nigeria (PETROAN), is expecting to see reciprocity in transportation fare slash by commercial vehicles operators after the Nigerian National Petroleum Company limited (NNPC) and Dangote refinery reviewed downward ex-depot price of Premium Motor Spirit (PMS) known as petrol.
The marketing association commended NNPC Retail Ltd for slashing the price of petrol from N920 to N875 per litre, saying the bold move is expected to alleviate the financial burden on Nigerians amidst rising inflation.
The PETROAN’s national president, Dr. Billy Gillis Harry, praised NNPC Retail Ltd for taking proactive steps to support the Nigerian people. “This price reduction will be a huge relief to many Nigerians struggling to make ends meet,” he stated.
The reduction in PMS price in the view of Gillis Harry, is expected to positively impact Nigerians in decreased transportation costs. He said, “With lower PMS prices, transportation costs will decrease, making it easier for people to commute and transport goods. Reduced food prices:
Lower transportation costs will lead to reduced food prices, making it easier for Nigerians to access affordable food.”
Furthermore, PETROAN’s president applauded Dangote Refinery for agreeing to refund N65 to retail outlet owners affected by the price reduction. This refund initiative follows Dangote Refinery’s recent reduction of its gantry price from N890 per litre to N825 per litre.
According to the refinery, customers who purchased PMS at higher rates than the advertised prices from Dangote’s key partners are eligible for a refund. The refund amount is N65 per litre on over 200,000 metric tonnes of PMS purchased by marketers at the old gantry price.
Dangote has absorbed a N16 billion loss to implement these refunds, demonstrating its commitment to fair pricing and consumer welfare. The refund initiative will also positively impact retail outlet owners, who will benefit from reduced prices and refunds.
Many retail outlet owners purchased PMS at the higher rate before the price reduction, and the refund will help mitigate their losses. “We commend Dangote Refinery for this initiative, which will help reduce the financial burden on our members,” said Dr. Gillis-Harry, who also urged Nigerians to be optimistic as government reforms are yielding results.
