- The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has asked marketers to reduce petrol prices
- This was in response to the ex-depot petrol price reduction by the Dangote Refinery on February 1, 2025
- The marketers asked their members to ensure that anyone lifting fuel at the new price reflects the change in their pumps
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has asked marketers to reduce petrol prices following the reduction in the ex-depot costs by Dangote Refinery.
Legit.ng previously reported that the 650.000 bpd-capacity refinery crashed the ex-depot petrol prices by N60 per litre, from N950 to N890.
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Dangote crashes petrol prices
However, the Lekki-based refinery said the price crash was due to developments in the global oil market. It is committed to transparency and fairness to all stakeholders.
The refinery’s management disclosed that the move was a strategic adjustment and a direct response to the positive outlook within the global energy and gas markets.
The refinery said:
“This strategic adjustment is a direct response to the positive outlook within the global energy and gas markets, as well as the recent reduction in international crude oil prices.
The mega refinery stated that it believes that the reduction will lead to a meaningful decrease in petrol costs nationwide, driving down the cost of goods and services and the overall cost of living.
This comes a week after the mega refinery increased prices, attributing it to the rise in global crude oil prices.
The facility had earlier crashed petrol prices by 7.5% to N899 per litre, from N970.
However, on January 17, the Lekki-based refinery raised fuel prices to N955 per litre as Brent crude prices rose above $80 per barrel.
Marketers direct filling stations to change prices
Meanwhile, the national President of PETROAN, Billy Gillis-Harry, said there was a need for a smooth transition in retail pricing.
The PETROAN boss revealed this on Arise TV, stating that filling stations had bought products at the old price.
He said the stations will find it challenging to adjust to the new price.
According to him, PETROAN asked marketers to ensure that anyone buying at the new rate from Sunday, February 2, 2025, should ensure that the new rate is reflected on the pumps.
He said that PETROAN’s committee is willing to work with the refinery and other stakeholders to ensure fair pricing and sustainability in the petroleum downstream sector.
Marketers in panic mode as petrol prices change
Legit.ng earlier reported that amid the fall in the global price of crude oil prices, independent marketers have expressed mixed feelings about lifting petrol from depots.
Petroleum product marketers have expressed fears that the volatility in petrol prices may lead to unstable PMS supply in filling stations.
The marketers said that despite the absence of fuel scarcity due to increased local refining, filling station operators are reluctant to lift products from depots.
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Source: Legit.ng
