Nigerians have been told to expect a reduction in the pump price of petrol within the week.
The president, Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Billy Gilly-Harry stated this while appearing on Monday’s edition of Channels Television’s breakfast show, Sunrise Daily.
Last week, the Nigerian National Petroleum Company Limited, NNPCL, and the Dangote Refinery reduced the ex-depot price of petrol to N899 per litre in Lagos.
Reacting to the situation, PETROAN president expressed the believe that from today when members start loading from both NNPC and Dangote at the new price reduction, it will reflect in the market.
He expressed appreciation to some members of his association whom he noted have done so well, especially in Abuja, for reducing their prices to below N1,000 before even the announcement.
“We don’t encourage our members to sell products at a loss because our focus is to serve Nigerians. And the only way we can serve Nigerians is when we have the resources to be able to do that.
“The resources can only be there if we’re making marginal profit enough to pay for the cost of money and make sure that we continue to do business. So, never mind, you’ll see the translation of this reduction of prices in the retail outlets hopefully within the week,” he stated.
Billy Gilly-Harry further stated that the inability of members to sell in line with the new ex-depot price is due to some of them having old stocks that were bought at higher prices.
