Due to existing stock, the Dangote refinery’s petrol price reduction may not have an immediate effect on consumers, according to the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN).
PETROAN President Billy Gillis-Harris made the statement in an interview on Arise TV on Saturday.
“You can’t see it immediately, because we’ve already bought products,” Gillis-Harris said.
“We’ve already purchased different kinds of products that are in our retail outlet now at the price which it was before the change this evening.
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“So the moment we lose N60 in that transaction, we are out of business. So we have to keep that product.
Gillis-Harris also noted that PETROAN has already begun a major working relationship with Dangote refinery and MRS, a major petrol retailer.
“So that is going to really help also in making sure that our retail outlets sell products at a uniform price,” he said.
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“And that relationship will certainly ensure that petroleum product is available in all the nooks and crannies of this country.”
He also said Nigeria’s progress in improving petroleum product availability remains commendable, adding that with local refineries coming on board, the country may gradually reduce its dependence on petrol imports.
On Saturday, PETROAN confirmed that its members have started loading petroleum products from the Port Harcourt and Warri refineries.
