The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Billy Gillis-Harry, has explained the reason for the recent reduction in fuel prices across Nigeria.
Gillis-Harry, in an exclusive interview with DAILY POST on Tuesday, attributed the recent reduction in petrol prices at Nigerian National Petroleum Company Limited, NNPCL, MRS and other filling stations in Abuja to the drop in the landing cost of the product.
According to him, if the landing cost of petrol reduces, retail prices also decline.
He, however, noted that petroleum retailers and marketers do not reduce fuel prices at a loss.
“You cannot sit down and project price upward or downwards. But there must be some dynamic force that will determine that. It is the cost. It is the cost of landing. If the cost of landing reduces, we are morally bound to reduce price. But we will not reduce price to
