The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) says the recent reduction in the ex-depot price of petrol by Dangote Refinery will not immediately translate into lower pump prices across the country.
National President of PETROAN, Dr Billy Gillis-Harry, explained that fuel pricing in Nigeria’s deregulated market is determined by market forces and that retailers must first meet existing supply and operational obligations before adjusting prices at filling stations.
Despite the delay in price adjustments, he welcomed the refinery’s decision, describing it as a positive development for consumers and industry stakeholders.
Dr Gillis-Harry noted that fluctuations in petrol prices have become a regular feature of Nigeria’s deregulated petroleum sector, adding that marketers remain committed to sustaining their businesses despite the challenges such changes may pose to financial planning and cash flow.
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