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PETROAN says petrol prices cannot be reduced immediately because most filling stations are still selling fuel bought at higher pricesThe association said marketers need to recover their costs, deal with expensive loans, and make enough profit to keep their businesses runningPETROAN also called for an energy bank with low-interest loans and urged the establishment of more local refineries to lower fuel prices
Legit.ng journalist Victor Enengedi has over a decade’s experience covering energy, MSMEs, technology, banking and the economy.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has clarified why motorists have not yet seen an immediate drop in petrol pump prices despite the recent decline in international crude oil prices.
Speaking on the development, PETROAN President, Billy Gillis-Harry, said fuel retailers are unable to instantly lower pump prices because much of the petrol currently being sold was purchased when prices were significantly higher.
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