Dangote’s slash in petrol price costs marketers billions – PETROAN

Dangote’s slash in petrol price costs marketers billions – PETROAN

The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) says it is not opposed to lower petrol prices but is concerned about the heavy losses suffered by marketers following sudden price cuts by the Dangote Refinery.

PETROAN President, Billy Gillis-Harry, spoke after Dangote Refinery reduced the gantry price of Premium Motor Spirit (PMS) from N828 to N699 per litre, with a proposed pump price of about N739 per litre nationwide.

Dangote accused some marketers of keeping pump prices high despite lower ex-depot rates, vowing to force prices down across the country.

Reacting on Channels Television, Gillis-Harry said many retailers had purchased large volumes of petrol shortly before the reduction, exposing them to losses running into billions of naira.

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“Some of our members bought products in bulk and before selling a litre, the price dropped by N129 per litre,” he said, adding that the association only seeks better communication and pricing stability in a deregulated market.

He stressed that PETROAN supports competition and lower prices but warned against monopoly in the downstream sector, calling for multiple supply sources to protect the market.

Gillis-Harry also dismissed claims that substandard petrol is currently in circulation, saying regulatory oversight by the NMDPRA has improved significantly.

“Our focus should be on steady supply and fair pricing for Nigerians,” he said.

 

Dangote’s slash in petrol price costs marketers billions – PETROAN