Nigerians have been advised by PETROAN, the Petroleum Products Retail Outlets Owners Association of Nigeria, to anticipate a drop in the product’s pump price within the next week.
The Nigerian National Petroleum Company Limited, NNPCL, and the Dangote Refinery lowered the ex-depot price of gasoline to N899 a liter in Lagos last week.
Billy Gilly-Harry, President of PETROAN, discussed the price change’s implementation date during his appearance on Monday’s episode of Sunrise Daily, a breakfast program on Channels Television.
However, I think the market will react when members begin loading from both NNPC and Dangote at this new price cut starting today.
Additionally, I’d like to commend some of our members and PETROAN leaders who have done incredibly well, particularly in Abuja, for lowering their pricing to less than N1,000 even before this announcement.
Therefore, since our goal is to serve Nigerians, we do not encourage our members to try to sell things at a loss. And only when we have the means to do so will we be able to help Nigerians.
Only when we’re producing a small enough profit to cover our expenses and ensure that we stay in company will the resources be available. So, therefore, you’ll see the retail outlets’ implementation of this price cut, presumably within the week,” he said.
He claims that because some members own older equities that were purchased at higher prices, they are unable to sell at the new ex-depot price.
The head of PETROAN praised NNPCL and Dangote Refinery for bringing down the commodity’s price.
