Petrol Retailers Speak on Cheap Fuel Prices, Send Message to Dangote, NNPCL
- Petroleum retailers in Nigeria have spoken on the recent fuel price changes from NNPCL and Dangote Refinery
- The PETROAN national resident explained how the price changes would affect the everyday life of Nigerians
- The association president also sent a message to Dangote Refinery over the latest decision to refund customers N65
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Legit.ng journalist Ruth Okwumbu-Imafidon has over a decade of experience in business reporting across digital and mainstream media.
The Petroleum Retailers Outlet Owners Association of Nigeria (PETROAN) has finally reacted to the new fuel prices from Dangote Petroleum Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL).
The association commended the move, noting that it would relieve some financial pressures on Nigerians and help check the rising inflation.
NNPCL recently followed Dangote Refinery’s earlier move, slashing petrol prices from N945 to N860 per litre.
Source: UGC
Recall that last week, Dangote Refinery crashed petrol prices from N890 per litre to N825 for its customers, bringing the pump price down to N860 and N865 across different states in the country.
Speaking with the Vanguard, the national president of PETROAN, Dr. Billy Gillis Harry, noted that this price reduction would soon trickle into other areas and result in an overall reduction in the cost of living.
He explained that transportation costs would come down in a little while, making it easier and cheaper for people to transport goods and food items, and eventually moderating inflation.
Recall that inflation hit 34.80% as of December 2024 but reduced to 24.8% in January 2025 after the National Bureau of Statistics rebased the Consumer Price Index using 2024 as the base year.
Food inflation also came down from the 39.4% recorded in December 2024 to about 26% in January 2025.
Dangote Refinery decides to refund customers
The Dangote Refinery also moved to refund N65/l to customers who bought at the old price of N890.
Source: Getty Images
This move was to ensure that all partner filling stations immediately adopt the new pump price even while selling old stock.
The decision to refund meant that Dangote Refinery would absorb a N16 billion loss as a total refund on over 200,000 metric tonnes of PMS purchased at the old price.
The PETROAN president praised the Dangote Refinery for the commitment to make the refund, noting that it protected the retailers from having to make losses to sell at the new price.
Dangote Refinery announces cheaper fuel prices
Earlier, Legit.ng reported that the Dangote petroleum refinery again announced a reduction in the price of petrol sold from its facility to its customers and partners.
The new price was N65 lower than the former price of N890, a reduction that triggered adjustments in fuel pump prices at filling stations nationwide in the following days.
In a statement, Dangote Refinery said the price review was aimed at providing essential relief to Nigerians ahead of the Ramadan season.
The refinery added that the new price took effect on Thursday, February 27, 2025.
Proofreading by James, Ojo Adakole, journalist and copy editor at Legit.ng.
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Source: Legit.ng
