PETROAN anticipates PMS price reduction over Dangote’s sales agreement with marketers

Mkpoikana Udoma

Port Harcourt — The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has expressed optimism about a potential reduction in the price of Premium Motor Spirit, following a direct sales agreement between the Independent Petroleum Marketers Association of Nigeria, IPMAN and Dangote Refinery.

PETROAN’s National Public Relations Officer, Dr. Joseph Obele, commended Dangote Refinery for reaching a direct sales contract with IPMAN, which eliminates the need for intermediaries such as NNPC Ltd.

According to Obele, the move would lead to more efficient pricing and increased availability of PMS across the country.

Obele also revealed that the Head of Commercial at Dangote Refinery has extended an invitation to PETROAN for a strategic business meeting, adding that Dr. Billy Hary, PETROAN’s National President, has appointed a seven-member team to represent the association at the upcoming discussions.

“The talks, which aim to ensure affordable, high-quality products for consumers while adhering to regulatory standards, are expected to be a “win-win” for all parties involved, including the general public, Dangote Refinery, and petroleum retail outlets.

“Several key factors point to a potential reduction in PMS prices. Notably, the ongoing roundtable discussions between Dangote Refinery and sector stakeholders, coupled with a recent decline in the landing costs of PMS on Nigerian shores, have raised expectations of a price drop in the near future.

“PETROAN’s primary objective is to provide affordable, high-quality products to consumers, and to do so in compliance with all regulatory standards and industry best practices.

“We hope that meeting will be a win-win meeting. A win for the general public, a win for Dangote Refinery and a win for petroleum retail outlets owners.

“The oil and gas industry is a sensitive sector where hostility can not strive, but rather amicable strategic conversations remains the best approach for achieving operational efficiency and effectiveness of the sector.

“Once again, we commend the management of Dangote Refinery for acknowledging the value of key stakeholders as we are optimistic that the greatest beneficiaries shall be the general public,” PETROAN said.