By Ayomide Otitoju
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has announced that Nigerians should expect a reduction in the pump price of petrol within the week. This follows last week’s decision by the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote Refinery to lower the ex-depot price of petrol to ₦899 per litre in Lagos.
While many filling stations have yet to reflect the reduced price, PETROAN President Billy Gilly-Harry assured Nigerians that the adjustment would take effect as soon as retailers begin loading at the new ex-depot price.
Price Change Implementation Imminent
Speaking on Channels Television’s Sunrise Daily on Monday, Gilly-Harry said:
“I believe that from today, when members start loading from both NNPCL and Dangote at this new price, the reduction will reflect in the market.”
He commended some PETROAN members, particularly in Abuja, who had already reduced their pump prices to below ₦1,000 before the official announcement.
“We encourage our members to avoid selling at a loss because our focus is to serve Nigerians sustainably. To do that, we need to ensure marginal profits that cover costs and enable continued operations,” he explained.
Old Stock Delays Price Reduction
Gilly-Harry attributed the delay in price adjustments at some filling stations to the presence of old stock purchased at the previous ex-depot price of ₦970 per litre.
“Some members still have old stocks that incurred higher costs, including transportation and logistics. Selling immediately at the reduced price could result in losses,” he said.
The PETROAN president emphasized the importance of adhering to provisions in the Petroleum Industry Act (PIA), which allows for minimal profit margins to sustain business operations.
Commendation for NNPCL and Dangote Refinery
Gilly-Harry lauded the NNPCL and Dangote Refinery for their efforts in reducing petrol prices, describing the move as a step toward alleviating the financial burden on Nigerians.
With the anticipated price adjustment, consumers can expect relief at the pumps as retailers implement the reduced ex-depot pricing in the coming days
