PETROAN Issues Directive To Marketers As Dangote Lower Price Of Petrol

The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has called on fuel marketers to reduce the pump price of Premium Motor Spirit (PMS), also known as petrol, following a drop in the ex-depot price by Dangote Refinery.

Dangote Refinery announced on Saturday that it had reduced the ex-depot price of petrol from ₦950 to ₦890 per litre, citing falling global crude oil prices and a positive outlook in the international energy market.

Naijaonpoint understands that this move comes just weeks after the refinery increased fuel prices in response to rising global crude oil costs.

In a statement by its Group Chief Branding and Communications Officer, Anthony Chiejina, Dangote Refinery emphasized that the price reduction aligns with its commitment to transparency and reflects fluctuations in the global crude oil market.

“Dangote Petroleum Refinery firmly believes that this reduction from ₦950 to ₦890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living,” the statement read.

The refinery also urged marketers to collaborate in ensuring that the benefits of the price reduction are passed on to consumers.

“This collective initiative will contribute to the wider economic recovery plan led by 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,” the statement added.

Reacting to the development, the National President of PETROAN, Billy Gillis-Harry, welcomed the price cut but noted that immediate adjustments at retail outlets might be challenging due to existing stock.

“Filling stations have already stocked up products purchased at the previous price, making an immediate reduction in pump prices difficult,” Gillis-Harry said in an interview on Arise TV.

However, he urged all marketers who purchase at the new ex-depot price from Sunday (today) onwards to reflect the price change at their retail outlets.

The latest reduction follows a series of price adjustments by Dangote Refinery:

– December 19, 2024 – Petrol price reduced by 7.5% to ₦899.50 per litre

– January 17, 2025 – Price increased to ₦955 per litre, citing rising crude oil costs

– January 27, 2025 – Price dropped to ₦890 per litre, reflecting a fall in global crude prices.