Retail Outlets Speak on Factors Suggesting Petrol Prices Will Drop Soon
- The Petroleum Products Retail Outlets Owners Association has praised the Dangote Refinery's management
- This followed a deal between Dangote Refinery and IPMAN, which terminated the intermediate role of the NNPC
- The agreement between Dangote Refinery and IPMAN has resulted in the termination of the NNPC intermediary function
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Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
The management of Dangote Refinery has received praise from the Petroleum Products Retail Outlets Owners Association (PETROAN) for working cooperatively with the Independent Petroleum Marketers Association of Nigeria (IPMAN) to establish a transactional direct sales deal for premium motor spirit (PMS).
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According to PETROAN's national public relations officer, Dr. Joseph Obele, who provided the remark to Leadership in Port Harcourt on Tuesday, November 12, the development suggests that the cost of PMS may be going down.
According to the announcement, the Nigerian National Petroleum Company Limited's (NNPC) intermediary function has ended as a result of the agreement between Dangote Refinery and IPMAN.
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It reads in part:
“The National Headquarters of Petroleum Products Retail outlets owners Association PETROAN Abuja has commended the Management of Dangote Refinery for amicably reaching a transactional direct sales contract of PMS with the leadership of IPMAN.
“The agreement between IPMAN and Dangote Refinery brings an end to the middleman posture played by the NNPC Ltd.”
According to the statement, Dangote Refinery's management has messaged Dr. Billy Harry, national president of PETROAN, about the possibility of a strategic business meeting between the association and the indigenous company in the days ahead.
It said:
“In the same vein, the head of commercial at the Dangote Refinery has sent an email to the national president of PETROAN Dr Billy Harry to anticipate a possible Strategic Business meeting in the coming days. The National President has set up a team of 7 Persons headed by himself that will be representing PETROAN at that Strategic Business meeting.
“At the proposed meeting, we have to emphasised that PETROAN’s primary objective is to provide affordable, high-quality products to consumers, and to do so in compliance with all regulatory standards and industry best practices.
“We hope that the meeting will be a win-win meeting. A win for the general public, A win for Dangote Refinery and a Win for Petroleum Retail outlets owners.
Fuel price to drop
A number of factors suggest that the price of PMS may drop in the days ahead.
“One of such factors includes the recent ongoing roundtable conversations with the management of Dangote Refinery and key stakeholders of the sector. Also to mention is the decline in landing costs of PMS on Nigeria’s shores which indicated an equal reduction in global market fluctuations and supply chain factors.”
More countries to buy Petrol from Dangote refinery
Legit.ng reported that the Dangote Refinery, Africa’s largest oil refinery, is set to expand its reach as it prepares to begin fuel exports to South Africa, Angola, and Namibia.
The 650,000-barrel-per-day refinery, located in Lekki, Lagos, is nearing completion of negotiations with these countries, marking a significant milestone in its global operations.
Punch reports that in addition to these three countries, negotiations are underway with four other African nations: Niger Republic, Chad, Burkina Faso, and the Central African Republic.
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Source: Legit.ng
