The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has told Nigerians to expect a reduction in the pump price of the product within the week.
The development comes after the Nigerian National Petroleum Company (NNPC) Limited and the Dangote Refinery reduced the ex-depot price of petrol to N899 per litre in Lagos.
Speaking on the price not reflecting in many filling stations, PETROAN stated that the new cost would take effect this week.
While appearing on Channels Television’s breakfast show Sunrise Daily, PETROAN President Billy Gilly-Harry said: “But I believe from today when members start loading from both NNPC and Dangote at this new price reduction, it will reflect in the market.
“But also I’ll give kudos to some of our members, some of the leaders in PETROAN, you know, that have done so well, especially in Abuja, for even reducing their prices to below ₦1,000 before even this announcement.
“So, we don’t encourage our members to try 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.”