The Petroleum Retailers Outlet Owners Association of Nigeria (PETROAN) has commended the NNPC Retail Ltd. for slashing petrol price from N920 to N875 per litre.
PETROAN said the "bold move" would alleviate the financial burden on Nigerians amidst rising inflation.
In a statement on Monday, the National President of the association, Dr. Billy Gillis-Harry praised the NNPC Retail Ltd. for taking proactive steps to support the Nigerian people.
“This price reduction will be a huge relief to many Nigerians struggling to make ends meet,” he said.
Gillis-Harry said the reduction in pump price was expected to positively impact Nigerians by reducing transportation costs, making it easier for people to commute and transport goods.
The PETROAN president also lauded Dangote Refinery for agreeing to refund N65 to retail outlet owners affected by the price reduction.
This refund initiative follows Dangote Refinery’s recent reduction of its gantry price from N890 per litre to N825 per litre.
According to the refinery, customers who purchased petrol at higher rates than the advertised prices from Dangote’s key partners are eligible for a refund.
The refund amount is N65 per litre on over 200,000 metric tonnes of PMS purchased by marketers at the old gantry price.
He said Dangote absorbed N16 billion in losses to implement the refunds, demonstrating its commitment to fair pricing and consumer welfare.
