The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on the Nigerian National Petroleum Company Limited (NNPCL) to reduce its ex-depot price for Premium Motor Spirit (PMS), following a price cut by Dangote Refinery.
PETROAN’s spokesperson, Joseph Obele, commended Dangote Refinery for reducing its petrol ex-depot price from N970 to N899.50 per litre—a N71 reduction. Obele described this as a relief for Nigerians, particularly during the holiday season.
Billy Gillis-Harry, PETROAN’s National President, emphasized the positive impact of the price cut, stating that it would ease the financial burden on citizens and reduce transportation costs during the festive period.
He further urged NNPCL to revisit its PMS pricing to encourage healthy competition in the downstream sector. “The reduction in petrol prices by Dangote Refinery has demonstrated the benefits of competition. We also urge NNPCL to privatize the Port Harcourt Refinery to enhance service delivery, improve product quality, and introduce consumer incentives,” Gillis-Harry added.
Currently, Dangote Refinery’s petrol ex-depot price stands at N899.50 per litre, while NNPCL’s price remains at N1,030. PETROAN believes that a competitive pricing approach would benefit consumers and improve market dynamics.
Both Dangote Refinery and NNPCL’s Port Harcourt Refinery began rolling out petrol in September and November 2024, respectively. This development has sparked hopes for better affordability in Nigeria’s downstream petroleum sector.
