The Petroleum Retailers Outlet Owners Association of Nigeria (PETROAN) has commended Dangote Refinery and Nigeria National Petroleum Company Limited (NNPCL) for the reduction of fuel prices.
Naijaonpoint reports that the group’s President, Billy Gillis-Harry, said Dangote’s reduction to ₦825 and NNPCL’s reduction from ₦920 to ₦875 per litre would help the economy.
In a statement on Monday, Gills Harry explained that lower transportation costs would crash food prices.
“Lower transportation costs will lead to reduced food prices, making it easier for Nigerians to access affordable food,” he said.
PETROAN President lauded the refund policy of Dangote Refinery, noting that about ₦16 billion loss would be absorbed by the refinery through the refund policy.
“This refund initiative follows Dangote Refinery’s recent reduction of its gantry price from ₦890 per litre to ₦825 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 ₦65 per litre on over 200,000 metric tonnes of PMS purchased by marketers at the old gantry price. Dangote has absorbed a ₦16 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,” he stated.