KEY POINTS
- NNPC Retail Ltd adjusted the price of PMS to N875 per litre to relieve the current economic challenges.
- Customers who purchased fuel products at the previous rate receive a price reduction of N65 per litre from Dangote Refinery.
- After price reductions at NNPC Retail Ltd and Dangote Refinery Nigerians should expect lower costs for food transportation throughout the nation.
The Petroleum Retailers Outlet Owners Association of Nigeria (PETROAN) gives praise to NNPC Retail Ltd for decreasing Premium Motor Spirit (PMS) prices from N920 to N875 per litre.
The association declared the decision a welcome development which offered help to Nigerians facing inflationary forces.
The National President of PETROAN Dr. Billy Gillis-Harry praised the price reduction in his official statement which will lower transport bills to benefit consumers through lower cost goods and services.
The reduced price of PMS has started to decrease transportation expenses thus making it affordable for people to commute and deliver goods. The decrease in food prices becomes possible through this approach along with improved affordability according to him.
Dangote Refinery issued refunds of N65 per litre to businesses operating as retailers
PETROAN endorsed Dangote Refinery for its decision to pay retailers N65 per litre of the price adjustments they suffered. Dangote Refinery further cut down its entire gantry price to N825 per litre after setting it at N890 per litre.
The statement established that companies that acquire PMS at elevated rates from Dangote partners will obtain repayment funds. Dangote has collaborated on an initiative that provides N16 billion in losses to facilitate the PMS price correction for over 200,000 metric tonnes of PMS.
The refund scheme targets to reduce losses for retailers who acquired goods at the former price. The PETROAN organization praises Dangote Refinery for making consumer interests and also fair price structures their main priorities.
The association made positive remarks about Nigerian optimism because government reforms show signs of success.
