Olusegun Ariyo
Petroleum Products Retail Outlets Owners of the Association of Nigeria have 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 global crude prices as 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 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 the 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.
“The reduction in PMS ex-depot price is expected to have a far-reaching impact on the lives of Nigerian citizens. With a decrease in the cost of petrol, the prices of goods and services are likely to decrease, leading to a reduction in the overall cost of living.
“This, in turn, will provide relief to households, who will have more disposable income to allocate towards other essential needs.
“The reduction in PMS price will also have a positive impact on the economy. A decrease in transportation costs will lead to increased economic activity, as businesses will be able to transport goods and services more efficiently and at a lower cost.
“Additionally, the reduction in PMS price will lead to an increase in demand for goods and services, which will have a positive impact on economic growth and development.
“Furthermore, the reduction in PMS price will also positively impact the country’s inflation rate.
“A decrease in the cost of petrol will lead to a reduction in the cost of production, which will, in turn, lead to a decrease in the prices of goods and services.
“This will help to reduce the country’s inflation rate, making life more affordable for Nigerian citizens and increasing their purchasing power,” the statement reads.
In January 2025, Dangote Refinery Increased its ex-depot Petrol Price to N950 Per Liter From N899
Barely six days ago, Urban Express News Online had evaluated that the Lower global crude Price would lead to domestic Petrol Price Reduction
Meanwhile, Urban Express News Online observed that while increased fuel prices are swiftly felt in the prices of goods and services, the reverse has been the case in PMS reduction in Nigeria.