Marketers lost billions to NNPC, Dangote’s fuel price reduction – PETROAN pushes for 6-month stability plan
The Petroleum Products Retail Outlet Owners Association has said that petrol marketers lost billions due to the downward review of fuel prices by the Nigerian National Petroleum Company Limited and Dangote Refinery.
PETROAN spokesman Joseph Obele disclosed this on Monday while commenting on the need for healthy competition and price stability within Nigeria’s petroleum downstream sector.
Recall that last week Monday, NNPC dropped its retail petrol price to N860 and N880 per litre from N945 and N965 in Lagos and Abuja, respectively.
NNPC’s petrol price drop followed Dangote Refinery’s retail fuel price reduction to N860 and N880 per litre across its retail partners.
The development sparked a fresh price war between NNPCL and Dangote Refinery.
Reacting to fluctuations and price instability, PETROAN recommended a six-month price stability mechanism.
“PETROAN is firmly committed to the Petroleum Industry Stakeholders Forum and stands firm in advocating for healthy competition, full liberalisation, and price stability in the downstream sector. We urgently urge NMDPRA to quickly swing into action to ensure fair pricing. We believe that by working together, industry stakeholders, government, and consumers can create a vibrant, competitive market that benefits everyone.
“For the average citizen, sudden spikes in fuel prices can lead to financial strain and uncertainty.”
