Petroleum Products Retail Outlets Owners of Association of Nigeria has said the latest ex-depot premium motor spirit price reduction by Dangote Refinery will alleviate the sufferings of Nigerians and impact the country’s economy positively.
The spokesperson of PETROAN, Joseph Obele, made this known in a statement on Saturday.
He was reacting to Dangote Refinery’s ex-depot petrol reduction to N890 per litre from N950 per litre.
In the statement announcing the PMS price reduction, Dangote Refinery cited the reduction in the global crude prices for its decision.
“This strategic adjustment is a direct response to the positive outlook within the global energy and gas markets, as well as the recent reduction in international crude oil prices,” it stated.
In a reaction, quoting the PETROAN’s National President, Billy Gillis-Harry, Obele said the price reduction will have a ripple impact on the cost of transportation and goods and services in Nigeria.
“Dr. Billy Gillis Harry, the National President of PETROAN, commended the management of Dangote refinery for the reduction of PMS ex-depot price from N950 to N890.
“According to him, this price reduction will alleviate the suffering of Nigerians, reduce the cost of living and transportation, and have a positive impact on the economy.
“PETROAN national president reaffirmed his previous position that competition is the beauty of a deregulated economy. He expressed optimism that other operators of refineries and importers of PMS will reciprocate by reducing the current selling rate of PMS for them to remain in business