The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) has stated that the recent reduction in petrol prices by Dangote Refinery may not lead to an immediate drop in pump prices due to existing stock in circulation.

Billy Gillis-Harris, PETROAN’s president, made this known during an interview on Arise TV on Saturday.

Dangote Refinery Lowers Ex-Depot Petrol Price

On Saturday, Dangote Refinery reduced its ex-depot petrol price from N950 per litre to N890. While Gillis-Harris commended the move, he explained that oil marketers might struggle to pass on the price reduction immediately because they are still selling previously purchased stock at higher prices.

“You can’t see it immediately, because we’ve already bought products,” Gillis-Harris said.
“We’ve already purchased different kind of product that’s in our retail outlet now at the price which it was prior to the change this evening.
“So the moment we lose N60 in that transaction, we are out of business. So we have to keep that product.”

He, however, urged marketers purchasing at the new rate to reflect the price drop at their retail outlets.

PETROAN Partners with Dangote Refinery and MRS

Gillis-Harris also revealed that PETROAN has established a strategic partnership with Dangote Refinery and MRS, a major petroleum retailer.

“So that is going to really help also in making sure that our retail outlets sell products at a uniform price,” he said.
“And that relationship will certainly ensure that petroleum product is available in all the nooks and crannies of this country.”

Nigeria Moving Towards Local Refining

The PETROAN president noted that Nigeria’s efforts in improving local petroleum production are commendable. With refineries coming onstream, the country is on track to reduce reliance on petrol imports.

On Saturday, PETROAN confirmed that its members have begun loading petroleum products from the Port Harcourt and Warri refineries, marking a significant step toward enhanced fuel availability.