By Godfrey AKON
Nigerians would have to wait a bit more as the Petroleum Products Retail Outlet Owners Association of Nigeria, PETROAN, have given the indication that the recent reduction in petrol prices by Dangote Refinery may not immediately reflect at fuel stations due to existing stock purchased at higher prices.
Billy Gillis-Harris, president of PETROAN, made this known during an interview on Arise TV on Saturday.
On the same day, Dangote Refinery announced a reduction in its ex-depot petrol price from N950 per litre to N890.
While commending the refinery’s move, Gillis-Harris explained that oil marketers face challenges in adjusting prices immediately because they still have previously acquired stock.
“You can’t see it immediately, because we’ve already bought products,” he said.
“We’ve already purchased different kinds of product that’s in our retail outlet now at the price which it was prior to the change this evening.
“So the moment we lose N60 in that transaction, we are out of business. So we have to keep that product.
“But the only thing that we will advocate is that any one of us that starts buying product from Dangote at that price from tomorrow, Sunday, should endeavour to reflect that price in their retail outlets.”
He further revealed that PETROAN has established a major working relationship with Dangote Refinery and MRS, a leading petrol retailer, to ensure price uniformity across outlets.
“So that is going to really help also in making sure that our retail outlets sell products at a uniform price,” he stated.
“And that relationship will certainly ensure that petroleum product is available in all the nooks and crannies of this country.”
Gillis-Harris also noted Nigeria’s progress in enhancing petroleum product availability and expressed optimism that as more local refineries become operational, the country could gradually reduce its reliance on fuel imports.
On Saturday, the Dangote Petroleum Refinery made a surprising move by reducing its ex-depot (gantry) price of petrol, lowering it from N950 to N890 per litre.
In a statement signed by Group Chief Branding and Communications Officer, Anthony Chiejina, on Saturday night, the refinery said this strategic adjustment is a direct response to the positive outlook within the global energy and gas markets, as well as the recent reduction in international crude oil prices.
The change took effect from Saturday, February 1, 2025.
It noted that the price revision reflects the ongoing fluctuations in global crude oil markets. Brent crude, the international benchmark, was traded at $77.48 per barrel on Friday, marking a reduction of $4 from $81 per barrel recorded in early January.
The statement read in part, “Dangote Petroleum Refinery has reduced the ex-depot (gantry) price of Premium Motor Spirit, commonly known as petrol, from N950 to N890, effective from Saturday, 1st February 2025.
“This strategic adjustment is a direct response to the positive outlook within the global energy and
“As part of Dangote Refinery’s unwavering commitment to transparency and fairness, this price revision reflects the ongoing fluctuations in global crude oil markets, as highlighted in the refinery’s statement on 19th January, when a modest increase was implemented due to the previously rising international crude oil prices.”
