The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has clarified the reasons behind the recent reduction in petrol prices at filling stations nationwide.
Speaking in an interview with Daily Post, PETROAN’s National President, Billy Gillis-Harry, attributed the downward adjustment to a drop in the landing cost of petrol.
He explained that when the cost of importing the product falls, retail prices naturally follow suit.
“You cannot just project fuel prices up or down arbitrarily. It is the landing cost that determines the price. If it reduces, we are morally bound to reduce pump prices but not to the point of running out of business,” Gillis-Harry stated.
In Abuja, filling stations operated by the Nigerian National Petroleum Company Limited (NNPCL) and MRS recently cut prices by between ₦36 and ₦40 per litre, bringing pump rates down to between ₦1,265 and ₦1,299.
This adjustment came after depot owners lowered their ex-depot prices to compete with
