The Petroleum Retailers Outlet Owners Association of Nigeria (PETROAN) has commended the Dangote Petroleum Refinery for refunding N65 per litre on 200,000 metric tonnes of petrol.
On March 2, the refinery announced plans to refund oil marketers who purchased petrol at rates higher than the advertised prices from any of its key partners.
The latest development came after the refinery slashed its ex-depot price of petrol to N825 on February 6.
In a statement on Monday, Joseph Obele, PETROAN’s spokesperson, said Billy Gillis-Harry, president of the association, applauded Dangote’s agreement to refund N65 to retail outlet owners affected by the price reduction.
“This refund initiative follows Dangote refinery’s recent reduction of its gantry price from N890 per litre to N825 per litre,” Obele said.
“Dangote has absorbed a N16 billion loss to implement these refunds, demonstrating its commitment to fair pricing and consumer welfare.
“The refund initiative will also positively impact retail outlet owners, who will benefit from reduced prices and refunds.
“Many retail outlet owners purchased PMS at the higher rate before the price reduction, and the refund will help mitigate their losses.”
Obele said the association lauds the Nigerian National Petroleum Corporation (NNPC) Limited for slashing the price of PMS from N920 to N875 per litre.
“This bold move is expected to alleviate the financial burden on Nigerians amidst rising inflation,” he said.
He said Gillis-Harry also praised the NNPC Retail Ltd for taking proactive steps to support the Nigerian people.
“This price reduction will be a huge relief to many Nigerians struggling to make ends meet,” Gillis-Harry was quoted as saying.
According to the statement, the reduction in PMS price is expected to positively impact the populace by lowering the cost of transportation and food.
This, PETROAN said, would make it easier for people to commute and transport goods.
The group further implored Nigerians to be optimistic, saying the government reforms are yielding results.