Breaking: PETROAN, Dangote Refinery Partner to Reduce Petrol Prices

The Association of Nigeria Petroleum Products Retail Outlets Owners (PETROAN) has entered into an agreement with Dangote Refinery for the direct sale of premium motor spirit (PMS), aiming to reduce petrol prices and eliminate fuel scarcity nationwide during the festive season.

PETROAN spokesperson Joseph Obele announced the development in a statement on Friday, following a strategic meeting between PETROAN’s leadership, led by National President Dr. Billy Gillis-Harry, and Dangote Refinery officials on December 2, 2024, in Lagos.

According to PETROAN, the agreement includes a buyer-seller relationship, allocation of monthly fuel volumes, and favorable payment terms. While specific business details remain undisclosed, the initiative is expected to ensure uninterrupted fuel availability at affordable prices across Nigeria.

Dr. Gillis-Harry commended Dangote Group Vice President and Refinery Managing Director, Devakumar V. G. Edwin, for his strategic efforts to make fuel accessible and affordable. PETROAN also assured Nigerians that its retail outlets nationwide are on high alert to maintain a seamless supply of petroleum products throughout the yuletide season and beyond.

“This agreement was the result of PETROAN’s distribution technical committee’s efforts to execute a zero-fuel scarcity strategy. Nigerians can now look forward to effortless travel during this festive period,” Obele stated.

PETROAN urged Nigerians to avoid panic buying or stockpiling fuel at home, emphasizing that such actions are unsafe. The association highlighted that with the combined efforts of Port Harcourt and Dangote Refineries, fuel scarcity concerns are a thing of the past.

This marks Dangote Refinery’s second direct petrol sale partnership with oil marketers, the first being with the Independent Petroleum Marketers Association of Nigeria (IPMAN), which led to a minor reduction in pump prices for independent filling stations to between N1,100 and N1,115 per liter. Meanwhile, Nigerian National Petroleum Company (NNPC) Limited retail outlets currently sell fuel at N1,060 per liter.

PETROAN called on stakeholders in the downstream sector to support the efforts of NNPC Retail Ltd. and Dangote Refinery in sustaining petroleum product supply nationwide.

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