The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) says the reduction in the Dangote refinery’s petrol price may not immediately impact consumers due to existing stock.

 

Billy Gillis-Harris, president of PETROAN, spoke during an interview on Arise TV on Saturday.

 

On Saturday, Dangote refinery reduced its ex-depot petrol price from N950 per litre to N890.

 

Gillis-Harris praised the reduction by the refinery but highlighted the difficulties oil marketers face in lowering prices while selling previously purchased stock.

 

“You can’t see it immediately, because we’ve already bought products,” Gillis-Harris said.

 

“We’ve already purchased different kind of product that’s in our retail outlet now at the price which it was prior to the change this evening.

 

“So the moment we lose N60 in that transaction, we are out of business. So we have to keep that product.

 

“But the only thing that we will advocate is that any one of us that starts buying product from Dangote at that price from tomorrow, Sunday, should endeavour to reflect that price in their retail outlets.”

 

Gillis-Harris also noted that PETROAN has already begun a major working relationship with Dangote refiney 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.

 

“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.