In a move that has been hailed as a significant relief for motorists and Nigerians at large, Dangote Refinery has reduced the ex-depot price of Premium Motor Spirit (PMS) to ₦899.50 per litre.
This price reduction, a decrease of ₦71 per litre from the initial price of ₦970, is a welcome development, especially during the holiday season.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has commended Dangote Refinery for this bold move.
According to the National President of PETROAN, Dr Billy Gillis-Harry, “The price reduction will alleviate the suffering of Nigerians and reduce the cost of living and transportation during this festive period”.
Dr Harry also commended the Nigerian National Petroleum Company Limited (NNPCL) for ensuring sufficient PMS stocks during the yuletide season.
However, he urged NNPCL to revisit its PMS selling rate to foster competition in the downstream sector.
“The reduction in petrol prices by Dangote Refinery has shown that competition can benefit consumers,” Dr Harry emphasized.
PETROAN has called on NNPCL to facilitate the privatization of the Port Harcourt Refinery, which will introduce innovative consumer incentives, improve product quality, and enhance service delivery.
This move is expected to promote a competitive downstream sector that benefits Nigerian consumers.
The price reduction by Dangote Refinery is expected to have a significant impact on the economy.
With the reduced price of PMS, motorists and commuters will enjoy a reduction in transportation costs, which will in turn reduce the cost of living.
The price reduction is also expected to boost economic activities, especially during the holiday season.
With more money in their pockets, Nigerians will be able to spend more on goods and services, which will stimulate economic growth.
PETROAN has been at the forefront of promoting a competitive downstream sector in Nigeria.
The association has been advocating for policies and regulations that will promote competition and benefit Nigerian consumers.
According to Dr. Joseph Obele, National Public Relations Officer of PETROAN, “We are committed to promoting a competitive downstream sector that benefits Nigerian consumers.
“We will continue to advocate for policies and regulations that will promote competition and benefit Nigerian consumers”.
The price reduction by Dangote Refinery is a significant relief for Nigerians, and PETROAN’s call for NNPCL to revisit its PMS selling rate is a step in the right direction.
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