The Petroleum Products Retail Outlets Owners Association of Nigeria has indicated that the expected reduction in pump prices due to the recent ex-depot price cut by Dangote Refinery may not be immediately reflected at retail stations across the country.
The National President of PETROAN, Billy Gillis-Harry,
acknowledged the reduction in ex-depot prices by Dangote but pointed out the challenges in swiftly implementing the price change at retail outlets.
In a statement signed by Dangote Group’s Chief Branding and Communications Officer, Anthony Chiejina, the refinery explained that the price adjustment was driven by favorable developments in the global energy and gas markets, along with a recent drop in international crude oil prices.
The refinery stated that this reduction reflects its commitment to transparency and fairness, noting that a previous price increase on January 19 was driven by the rise in crude oil prices at that time.
“As part of Dangote Refinery’s unwavering commitment to transparency and fairness, this price revision reflects the ongoing fluctuations in global crude oil markets, as highlighted in the refinery’s statement on 19th January, when a modest increase was implemented due to the previously rising international crude oil prices.
“In addition, Dangote Petroleum Refinery calls upon marketers to collaborate in this effort, to ensure that these benefits are passed on to the Nigerian populace.
“This collective initiative will contribute to the wider economic recovery plan led by His Excellency, President Bola Ahmed Tinubu, who is dedicated to making Nigeria self-sufficient in refined petroleum products and positioning the country as a leading oil export hub,” it stated.
Gillis-Harry emphasized that although the price reduction may not be immediately reflected at the pumps, he encouraged members of the association to adjust their retail prices when purchasing fuel at the reduced rate.
The PETROAN President explained that many filling stations still had stock bought at the previous higher prices, which would make it challenging for them to implement immediate price changes.
“Price changes are not usually instantly applicable, but ultimately it will apply. You can’t see it immediately, because we have already bought products, we have already purchased different kinds of products in our retail outlets at the price it was prior to the changes made,” he noted.
He further reiterated the association’s commitment to working closely with Dangote Refinery and other stakeholders to promote fair pricing and sustainability in the downstream petroleum sector.
He urged that anyone purchasing fuel at the new price from Sunday onwards should ensure they reflect the adjusted price at their retail outlets to maintain consistency and fairness in the market.
Meanwhile, PETROAN confirmed that its members are now loading petroleum products from the Port Harcourt and Warri refineries.
In a statement over the weekend, PETROAN’s spokesman, Joseph Obele, stated that this development has dispelled earlier doubts about the full operational status of the refineries owned by the Nigerian National Petroleum Company Limited.
“PETROAN members are now loading petroleum products, including Dual-Purpose Kerosene, Automotive Gas Oil, and Premium Motor Spirits,” he said. “The resurgence of these refineries has sparked intense competition, expected to drive down petroleum prices.”
He continued “As Nigerians advocate for lower PMS prices, it is clear that competition is a crucial factor in triggering price reductions.
“The refineries’ revitalisation has brought numerous benefits, including the eradication of adulterated diesel and kerosene from the market.”
