The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has announced that Nigerians should expect a reduction in petrol prices, which is set to take effect within the week.
Torizone reports that the Nigerian National Petroleum Company (NNPC) Limited and Dangote Refinery have reduced the ex-depot price of petrol to ₦899 per litre in Lagos.
Speaking on Channels Television's breakfast show Sunrise Daily, PETROAN President Billy Gilly-Harry confirmed that the new price adjustment would soon reflect in the market.
"But I believe from today when members start loading from both NNPC and Dangote at this new price reduction, it will reflect in the market," he said.
Gilly-Harry commended some PETROAN members, particularly in Abuja, who had already reduced their pump prices to below N1,000 before the announcement.
"So, we don't encourage our members to try to sell products at a loss because our focus is to serve Nigerians.
"And the only way we can serve Nigerians is when we have the resources to be able to do that. The resources can only be there if we're making marginal profit enough to pay for the cost of money and make sure that we continue to do business.
"So, never mind, you'll see the translation of this reduction of prices in the retail outlets hopefully within the week," he explained.
He assured Nigerians that the reduction would be visible at retail outlets nationwide within the week.
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