Fuel Price Slash: PETROAN, Dangote Refinery Sign Agreement On Direct Petrol Sale
The Association of Nigeria Petroleum Products Retail Outlets Owners and Dangote Refinery have signed an agreement on direct premium motor spirit sale to further reduce the price of the product.
The spokesperson of PETROAN, Joseph Obele, disclosed this in a statement on Friday.
The agreement comes after PETROAN’s National President, Bill Gillis-Harry, and other members of the Association had a strategic meeting with Dangote Refinery on December 2, 2024, regarding the direct sale of petrol.
According to PETROAN, the development will guarantee fuel price reduction and zero petrol scarcity nationwide in the yuletide season.
“This was due to the efforts of the PETROAN distribution technical committee in charge
of planning and execution of the zero-fuel scarcity strategy. We are happy that
Nigerians are going to travel effortlessly during this period of the year.
“The National President of PETROAN, Dr Billy Gillis Hary, on Monday, 2nd December
2024 led the negotiation team of PETROAN to a fruitful strategic business meeting.
with the management of Dangote Refinery at the complex in Lagos.
“The sealing of a transactional deal with Dangote Refinery was the aftermath of a
successfully buyer-seller negotiation and agreement secured by PETROAN at the
strategic meeting.
“PETROAN National President commended the Vice President of the Dangote Group &
Managing Director of Dangote Refinery, Mr Devakumar V. G. Edwin, for his cooperation and strategies deployed so far to make petroleum products available to all Nigerians throughout the end of the year festivities and beyond.
“PETROAN is impressed with the outcome of the strategic business meeting, which
was evidenced by the establishment of seller/buyer relationships, reservation of
the monthly volume for PETROAN, payment modalities, and a favourable rate.
“We reserved the right not to make public the business terms and conditions, even
as we express optimism that the greatest beneficiaries in all shall be the general
public as it concerns product availability and affordability,” he stated.
This comes as the petrol marketers caution Nigerians against petrol panic buying, noting that the coming on board of Port Harcourt and Dangote Refineries means the end to fuel scarcity in the country.
“PETROAN dismisses any form of fuel scarcity concerns, cautioning against panic buying as it is unsafe and dangerous to stock petroleum products at home. PETROAN also calls on stakeholders in the downstream sector to support the Management of NNPC Retail Ltd and Dangote Refinery to sustain petroleum product supply.
“We hereby reassure Nigerians of PETROAN’s preparedness to ensure zero scarcity of petroleum products during the upcoming festive season and beyond, as all our retail outlet operators in all the states in Nigeria have been placed on green alert for service,” the statement reads.
DAILY POST reports that this is the second direct petrol sale agreement Dangote Refinery is having with oil marketers. The first was with the Independent Petroleum Marketers Association of Nigeria.
Recall that Dangote Refinery’s direct petrol sale agreement with IPMAN led to a minor reduction of fuel pump prices to between N1,100 and N1,115 from N1,200 per litre for oil marketers’ filling stations. Meanwhile, retail outlets of Nigerian National Petroleum Company Limited sell fuel at N1060 per litre.
