Nigerian Petroleum Retailers Outlet Owners Association applauded the Nigerian National Petroleum Corporation for the decrease of Premium Motor Spirit (petrol) price from ₦920 to ₦875.
PETROAN National President, Dr. Billy Gillis Harry, expressed hope that the gesture will cushion Nigerians’ economic hardship in the face of rising prices.
Dr. Joseph Obele, national Public Relations Officer of the association, announced this in a statement on Monday.
To quote Billy Gillis Harry, “This price drop will come as a huge relief to many Nigerians who are struggling to make ends meet.”
“The reduction in PMS price is expected to positively impact Nigerians in: Decreased transportation costs: 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.
PETROAN’s President also hailed Dangote Refinery for agreeing to refund ₦65 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”.
Consequently, PETROAN called on Nigerians to be “optimistic as government reforms are yielding results”.
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