Expect More Fuel Price Drop – PETROAN, IPMAN Tells Nigerians

Petroleum dealers and marketers have suggested that Nigerians can anticipate further reductions in the price of premium motor spirit (PMS) as the Nigerian National Petroleum Company Limited and Dangote Refinery have ignited a new pricing rivalry between the two entities.

On Monday, March 3, NNPC unveiled its updated petrol prices of N860 and N880 per litre, respectively, and retail outlets operated by NNPCL have adjusted to the new pump price of N880 per litre.

This follows Dangote Refinery’s decision to lower its petrol price to N880 per litre.

The move has reportedly triggered a renewed battle over petrol prices between NNPCL and Dangote Refinery.

In response, Billy Gillis-Harry, National President of the Petroleum Retailers Outlets Owners Association, along with Abubakar Maigadi, his counterpart from the Independent Petroleum Marketers Association of Nigeria, indicated that Nigerians should look forward to additional decreases in petrol prices due to the competition between NNPCL and Dangote Refinery.

Gillis-Harry remarked that Nigerians are well-positioned to benefit from what he called an essential business conflict between NNPCL and Dangote Refinery.

“The new price has been reflected on our portal.

“This price reduction will be a huge relief to many Nigerians struggling to make ends meet.

“The reduction in PMS prices is expected to positively impact Nigerians’ lives.

“We are engaging NNPCL to also bring down the petrol prices for the benefit of Nigerians and marketers.”

Maigandi highlighted that the current dynamics in the downstream oil and gas sector showcase the advantages of deregulation.

“It is not surprising because Dangote petrol is selling at that rate.

“This is what we have been telling the government to deregulate the sector. The price will start coming down. Investors have started coming.

“The reduction in petrol price means joy to Nigerians and marketers,”

A Gentle Reminder: Every obstacle is a stepping stone, every morning; a chance to go again, and those little steps take you closer to your dream.

Nnamdi Okoli