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The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has expressed their appreciation for the recent decision by Dangote Refinery to reduce the price of petrol to N899.50K per litre.
This move has been lauded as a significant step towards easing the burden on consumers and stabilizing the fuel market, as it comes at a time when rising fuel costs have become a pressing concern for many Nigerians. PETROAN’s commendation highlights the positive impact of this price reduction, acknowledging Dangote Refinery’s role in fostering greater affordability in the sector.
Joseph Obele, the spokesperson for PETROAN, articulated the association’s satisfaction with the price cut in a statement issued on Thursday.
Describing the move as a crucial relief for motorists and Nigerians more broadly, Obele pointed out that the reduction would help ease the burden of high fuel costs on households and businesses. He expressed optimism that this action would not only benefit consumers but also contribute to a more balanced and sustainable fuel pricing structure in the country.
“This price reduction, a decrease of N71 per litre from the initial price of N970, is a significant relief for motorists and Nigerians at large, especially during the holiday season,” PETROAN stated.
Read also: Cameroon, Ghana Among Petrol Buyers – Dangote Refinery
In light of Dangote Refinery’s recent petrol price reduction, PETROAN President Billy Gillis-Harry commended the refinery’s decision, stating that it would serve as a welcome relief to Nigerians, particularly as the festive period draws near.
He highlighted that the price cut would help mitigate the economic challenges faced by many households, providing a temporary reprieve from rising fuel costs and ultimately lowering the cost of living during a time when expenses typically increase.
“The price reduction will alleviate the suffering of Nigerians and reduce the cost of living and transportation during this festive period,” he said.
Earlier, the refinery pegged the new price at N899.50K per litre to provide relief for Nigerians ahead of the Christmas and New Year holiday season.
The company’s spokesman Anthony Chiejina said the price reduction is designed to ease transport costs during the festive period.
The refinery also said consumers can purchase an additional litre of fuel on credit for every litre bought on a cash basis.
The private-owned refinery had in November lowered the price of its petrol to N970 per litre.
“To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS. From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM.
“Furthermore, for every litre purchased on a cash basis, consumers will have the opportunity to buy another litre on credit, backed by a bank guarantee from Access Bank, First Bank, or Zenith Bank,” said Chiejina.
