*Billy Gillis-Harry, National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, says though the latest price reduction may not immediately be reflected at filling stations, the Association urges members to lower retail prices accordingly when purchasing PMS at the new rate

Alexander Davis | 绿帽献妻

Oil marketers, under aegis of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), have clarified that the anticipated reduction in ex-depot price for the for Premium Motor Spirit (PMS), otherwise known as petrol, which the Dangote Petroleum Refinery has announced may not reflect immediately in pump prices for consumers nationwide.

绿帽献妻 learnt Billy Gillis-Harry, National President of PETROAN, who has welcomed the depot price reduction by Dangote Refinery, however, highlighted the challenges of implementing an 鈥渋mmediate change鈥� in retail prices at filling stations across the West African country.

Earlier, the Dangote Petroleum Refinery had announced a reduction in the ex-depot price of Premium Motor Spirit (PMS), also known as petrol, from previous N950 to N890 per litre, and the new price took effect Saturday, February 1, 2025.

Mr. Anthony Chiejina, Group Chief Branding and Communications Officer, stated the latest price adjustment is in response to favourable developments in the global energy sector, and a significant decline in international crude oil prices.

Chiejina said: “Dangote Refinery鈥檚 decision reflects its commitment to aligning with market realities and ensuring that consumers benefit from changes in international crude oil prices.”

He also explained in regard to recent global market trends indicating a decline, Dangote Refinery, once again, has adjusted its pricing structure, providing relief to Nigerian consumers.

The price reduction will significantly lower the cost of petrol across the country, generating a positive ripple effect throughout the broader economy, said he.

Dangote Refinery further noted: “Dangote Petroleum Refinery firmly believes that this reduction from N950 to N890 will result in a meaningful decrease in the cost of petrol nationwide, thereby driving down the prices of goods and services, as well as the overall cost of living, with a positive ripple effect on various sectors of the economy.”

The company, therefore, urged oil marketers across the country to ensure that the benefits of the reduced price are passed on to the Nigerian public.

Chiejina added the Dangote Petroleum Refinery鈥檚 decision is expected to play a vital role in stabilising the country鈥檚 economy, ensuring that the benefits of lower fuel prices are felt across all sectors.

PETROAN urges members to lower PMS retail prices

Gillis-Harry, National President of PETROAN, though highlighted the price reduction might not immediately be reflected at the pumps, he urged members of the Association to lower their retail prices accordingly, when purchasing fuel at the reduced price.

He further explained that several filling stations still had stock purchased at the 鈥減revious higher price鈥�, which would make it difficult for them to adjust pump prices immediately.

The National President stated: 鈥淧rice changes are not usually instantly applicable, but ultimately it will apply.

鈥淵ou can鈥檛 see it immediately, because we have already bought products, we have already purchased different kinds of products in our retail outlets at the price it was prior to the changes made.鈥�

Gillis-Harry, restated PETROAN鈥檚 commitment to collaborating with the Dangote Petroleum Refinery, and other stakeholders in the downstream petroleum sector to ensure fair pricing and sustainability.

Any oil marketer buying at the new price from Sunday, February 2, 2025, should endeavour to reflect that price in their retail outlets to ensure consistency and fairness in the market, Gillis-Harry reportedly said.