The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has stated that the recent reduction in ex-depot prices of premium motor spirit by Dangote Refinery will help alleviate the hardships faced by Nigerians and positively influence the nation’s economy.
Joseph Obele, the spokesperson for PETROAN, shared this information in a statement on Saturday, responding to Dangote Refinery’s decision to lower the ex-depot petrol price from N950 per litre to N890 per litre.
In its announcement regarding the price cut, Dangote Refinery attributed the change to a decline in global crude oil prices.
“This strategic adjustment is a direct response to the favorable trends in the global energy and gas markets, as well as the recent drop in international crude oil prices,” the statement read.
In a statement regarding the recent price cut, Obele referenced PETROAN’s National President, Billy Gillis-Harry, who noted that the reduction will significantly affect transportation costs and the prices of goods and services across Nigeria.
Dr. Billy Gillis-Harry praised the management of Dangote Refinery for lowering the ex-depot price of PMS from N950 to N890. He emphasized that this price drop will ease the burden on Nigerians, lower the cost of living, and positively influence the economy.
The PETROAN president reiterated his belief that competition is essential in a deregulated economy and expressed hope that other refinery operators and PMS importers will follow suit by lowering their selling prices to remain competitive.
“The decrease in the ex-depot price of PMS is anticipated to have a substantial impact on the daily lives of Nigerian citizens, as lower petrol prices are likely to lead to reduced costs for various goods and services.
“This initiative aims to lower the country’s inflation rate, making life more affordable for Nigerian citizens and enhancing their purchasing power,” the statement indicated.
It is worth noting that in January 2025, Dangote Refinery raised its ex-depot petrol price from N899 to N950 per litre.
As of December 2024, Nigerians are facing a headline inflation rate of 34.80 percent and a food inflation rate of 39.83 percent.
