The Petroleum Retailers Outlet Owners Association of Nigeria (PETROAN) has commended NNPC Retail Ltd for reducing the price of Premium Motor Spirit (PMS), commonly known as petrol, from N920 to N875 per litre.
In a statement to Vanguard, PETROAN’s National President, Dr. Billy Gillis-Harry, described the price cut as a welcome relief for Nigerians, particularly in the face of rising inflation. He highlighted the expected benefits of the reduction, including lower transportation costs and decreased food prices, which would improve affordability for consumers.
“The reduction in PMS price is expected to ease the financial strain on Nigerians by lowering transportation costs, which in turn will help stabilize food prices,” Dr. Gillis-Harry stated.
PETROAN also lauded Dangote Refinery for its decision to refund retail outlet owners affected by the price adjustment. The refinery recently reduced its gantry price from N890 per litre to N825 per litre, and it has committed to reimbursing retailers N65 per litre for fuel purchased at the old rate.
According to PETROAN, Dangote Refinery has absorbed a N16 billion loss to facilitate these refunds, underscoring its commitment to fair pricing and consumer welfare. The association emphasized that this move would significantly mitigate financial losses for fuel marketers who bought PMS before the price adjustment.
“This initiative by Dangote Refinery demonstrates a strong commitment to industry stability and consumer protection. We commend their efforts in ensuring fairness for retail outlet owners,” Dr. Gillis-Harry added.
PETROAN urged Nigerians to remain optimistic, stating that ongoing economic reforms are beginning to yield positive results.
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