March 12, 2025
The Petroleum Products Retail Outlets Association of Nigeria, PETROAN, has expressed concerns over the negative impacts of the unstable prices of petrol, on their businesses across the country.
This is as a result of the recent fluctuating prices of petrol between the Nigerian National Petroleum Company, NNPC, Limited and the Dangote Petroleum Refinery, with both oil firms reducing the pump price of petrol across their outlets as well as for their partners.
President of PETROAN, Billy Gilly-Harris, referenced the development when he appeared as guest on a Channels Television programme, Business Morning, on Tuesday.
Gilly-Harris said the fluctuating petrol prices in the last few weeks are potentially threatening the businesses of its members .
The management of Dangote Petroleum Refinery had on February 26, 2025, announced a reduction in the ex-depot price of petrol, from ₦890 to N825 per litre, effective from February 27, 2025.
READ MORE; Retailers Commend NNPCL, Dangote Over Price Reduction
It stated that this strategic price adjustment is designed to provide essential relief to Nigerians in anticipation of the upcoming Ramadan season, while also supporting President Bola Ahmed Tinubu’s economic recovery policy by alleviating the financial burden on the Nigerian populace.
In response, the NNPC had on February 3, 2025, reduced the pump price of petrol sold at its outlets across the country as the competition in the downstream sector of the oil industry intensifies.
Reacting to the development, the Group Chief Corporate Communications Officer of NNPC, Olufemi Soneye, said that these adjustments occur regularly, reflecting the influence of market forces, stating that the NNPC has consistently adjusted prices since the deregulation of the downstream sector in response to market dynamics.
PETROAN president, Billy Gilly-Harris, said that a review of the current fluctuations in prices in the downstream sector of the oil industry revealed that the size of the loss and the possibility of most of the oil marketers going out of business is glaring.
READ MORE; Dangote To Refund N65 Per Litre To Marketers To Make Up For Price Reduction
Billy-Harris said, “In our consistently weekly reviews, we discovered that the size of loss, and the possibility of most of us getting out of business is glaring at us in the face. Because in today’s Nigeria, we have collaborative efforts being made between all the stakeholders, and we reach out to one another to know how the businesses are doing.
“As much as we are making efforts to make sure that Nigerians have product affordability from our end as the last mile in the industry, we also want to stay afloat and liquid.
Billy-Harris, also urged the Federal Competition and Consumer Protection Commission (FCCPC) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, to protect industry players against the “sudden reduction” of petrol prices.
‘’That is why we said the NMDPRA and the consumer protection agency should swing into action and be able to work together with other stakeholders so that we can be able to have a stable market and a stable price.”
