Nigerians can expect a reduction in petrol prices within the week, according to the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN).
This announcement comes as a relief to many, following the recent reduction in the ex-depot price of petrol by the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote Refinery.
The ex-depot price in Lagos now stands at ₦899 per litre.
However, many filling stations across the country have not yet reflected the price change at the pump.
Billy Gilly-Harry, PETROAN’s president, addressed the situation during an appearance on Channels Television’s Sunrise Daily on Monday.
He assured Nigerians that the impact of the price reduction would soon be felt.
“From today, when members start loading from both NNPC and Dangote at this new price reduction, it will reflect in the market,” Gilly-Harry stated.
He also praised some members of PETROAN, especially in Abuja, for proactively reducing their pump prices to below ₦1,000 even before the official announcement.
“This is commendable,” he said. “It shows their commitment to serving Nigerians.”
While the ex-depot price has been reduced, many filling stations are still selling petrol at higher rates.
Gilly-Harry explained that the delay stems from the stock already purchased by retailers at the previous higher prices.
“Some of our members bought their old stocks at ₦970 per litre,” he noted.
“When you add transportation and logistics costs, the retail price naturally becomes higher.”
Retailers cannot afford to sell at a loss, he explained.
“Our members need to make a minimal profit as mandated by the Petroleum Industry Act (PIA). This ensures they can sustain their businesses and continue serving Nigerians.”
The president stressed that once the old stock is cleared, the new price will take effect.
He urged Nigerians to be patient as the transition happens.
Gilly-Harry commended both the NNPCL and Dangote Refinery for the bold step in reducing the ex-depot price.
“This move is timely and beneficial,” he said.
He expressed hope that the reduction would ease the financial burden on Nigerians, particularly during the festive season.
The announcement also comes at a time when Nigerians are grappling with the high cost of living.
Fuel prices have soared in recent months, partly due to the removal of fuel subsidies earlier this year.
The removal of subsidies in May 2024 led to a dramatic increase in fuel prices across the country.
This policy was aimed at curbing government spending and encouraging investment in local refining.
While the decision was hailed as a necessary economic reform, it placed a heavy financial burden on citizens.
In response, the government and stakeholders in the oil sector have explored ways to stabilise the market.
The Dangote Refinery, Africa’s largest, is seen as a game-changer in Nigeria’s downstream sector.
Its operations are expected to reduce the country’s reliance on imported fuel and stabilise domestic pricing.
PETROAN reiterated its dedication to serving Nigerians.
“Our goal is to ensure that Nigerians have access to affordable fuel,” Gilly-Harry said.
He acknowledged the challenges retailers face but urged members to prioritise the needs of the public.
The association also emphasised the importance of transparency in the fuel pricing system.
“This ensures trust between retailers and consumers,” he added.
The announcement has sparked mixed reactions among Nigerians.
Some welcomed the news with optimism.
