NNPCL, Dangote Price Reduction Brings Relief to Retailers and Nigerians
Dangote Refinery
The Petroleum Retailers Outlet Owners Association of Nigeria (PETROAN) has commended the Nigerian National Petroleum Company Limited (NNPCL) Retail Ltd for reducing the price of Premium Motor Spirit (PMS), commonly known as petrol, from ₦920 to ₦875 per litre. The move is expected to ease the financial strain on Nigerians, especially as inflation continues to rise.
In a statement, PETROAN’s National President, Dr. Billy Gillis-Harry, described the price reduction as a significant relief to Nigerians and a step toward stabilizing transportation and food prices.
Positive Impact of Fuel Price Reduction
Lower Transportation Costs
The decrease in petrol prices will lead to reduced transportation costs, making it more affordable for Nigerians to commute and transport goods. This will provide much-needed relief for individuals and businesses that rely on fuel for daily operations.
Reduction in Food Prices
With lower transportation costs, food prices are also expected to decline. The high cost of food has been a major concern for many Nigerians, and this reduction will help improve access to affordable food items.
Support for Retailers
PETROAN also acknowledged the efforts of Dangote Refinery, which has introduced a ₦65 per litre refund to retail outlet owners affected by the price change. This refund follows Dangote’s decision to reduce its gantry price from ₦890 to ₦825 per litre, ensuring fair pricing for marketers and consumers.
The reduction in PMS price is a significant relief for Nigerians, leading to lower transportation costs and reduced food prices. This is a positive step towards economic stability and consumer welfare.” – Dr. Billy Gillis-Harry, PETROAN National President.
Dangote Refinery’s Commitment to Fair Pricing
Dangote Refinery has taken an ₦16 billion loss to implement the refund initiative, demonstrating its commitment to fair pricing and consumer welfare. The refund applies to over 200,000 metric tonnes of PMS purchased at the previous price, ensuring that marketers who bought at higher rates are compensated.
Dr. Gillis-Harry praised this initiative, stating that it will help retail outlet owners recover from financial losses and maintain stable operations. PETROAN encouraged Nigerians to remain optimistic, as ongoing government and private sector reforms are beginning to show positive results.
The reduction in petrol prices by NNPCL Retail Ltd and Dangote Refinery’s refund initiative provide much-needed relief for Nigerians struggling with high living costs. Lower fuel prices will not only cut transportation expenses but also help reduce food prices, making daily life more affordable. PETROAN has urged Nigerians to remain hopeful, as these efforts signal progress toward economic stability and improved consumer welfare.
