By Bunmi Yekini
The Petroleum Retailers Outlet Owners Association of Nigeria (PETROAN) has lauded NNPC Retail Ltd for reducing the pump price of Premium Motor Spirit (PMS) from ₦920 to ₦875 per litre, a move aimed at easing financial pressures on Nigerians.
PETROAN’s National President, Dr. Billy Gillis-Harry, praised the decision, stating, “This price reduction will be a huge relief to many Nigerians struggling to make ends meet.” He emphasized that the cut would help lower transportation costs and, consequently, food prices.
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PETROAN also commended Dangote Refinery for its initiative to refund ₦65 per litre to retail outlet owners who had purchased PMS at the previous higher rate. The refund follows Dangote Refinery’s own reduction of its gantry price from ₦890 per litre to ₦825 per litre, amounting to a ₦16 billion loss absorbed by the company to support fair pricing.
“We commend Dangote Refinery for this initiative, which will help reduce the financial burden on our members,” Dr. Gillis-Harry noted, highlighting how the refund would cushion the impact on marketers who bought fuel before the price cut.
PETROAN urged Nigerians to remain optimistic as government-led economic reforms begin to take effect.