The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has urged Nigerians to expect a reduction in the pump price of the product within the week.
Sunrise recalls that last week, the Nigerian National Petroleum Company Limited, NNPCL, and the Dangote Refinery reduced the ex-depot price of petrol to N899 per litre in Lagos.
PETROAN President, Billy Gilly-Harry, spoke on when the price change will take effect while appearing on Monday’s edition of Channels Television’s breakfast show, Sunrise Daily.
“But I believe from today when members start loading from both NNPC and Dangote at this new price reduction, it will reflect in the market.
“But also I’ll give kudos to some of our members, some of the leaders in PETROAN, you know, that have done so well, especially in Abuja, for even reducing their prices to below N1,000 before even this announcement.
“So, we don’t encourage our members to try to sell products at a loss because our focus is to serve Nigerians. And the only way we can serve Nigerians is when we have the resources to be able to do that.
“The resources can only be there if we’re making marginal profit enough to pay for the cost of money and make sure that we continue to do business. So, never mind, you’ll see the translation of this reduction of prices in the retail outlets hopefully within the week,” he said.
According to him, the inability of members to sell in line with the new ex-depot price is due to some of them having old stocks that were bought at higher prices.
The PETROAN boss commended Dangote Refinery and NNPCL for the reduction in the price of the commodity.