By ERIC MOORE
THE Petroleum Products Retail Outlets Owners Association (PETROAN) has confirmed that the Nigerian National Petroleum Corporation Limited (NNPCL) has adjusted pump prices of PMS across all retail outlets by 0.6%, in line with current market realities.
The association said as Nigeria strives to attain full deregulation status in the downstream sector in view of providing a Competitive Business Environment, it is pertinent to note that prices will continue to fluctuate to reflect market dynamics.
PETROAN said the good news is the fact that price stability is guaranteed and that will be of great benefit to consumers.
Addressing newsmen at the headquarters of Petroleum Products Retail outlets owners Association PETROAN Abuja earlier, the group confirmed the fuel increment by NNPC.
The National Public Relations Officer (PRO) of PETROAN, Dr Joseph Obele noted that all indications pointed to a new price regime or a minimum fuel price increment by 0.6 percent .
Obele confirmed that most NNPC retail outlets had complied to the upward review.
The National PRO, an energy expert, using the telecom industry as a case study, further said, “in any new entrance of competition, prices are always a bit high. But, it drops drastically after few months following aggressive competition.”
He noted that relief is certain when production commences at the nation owned refineries.
On his part, the National President of PETROAN, Dr. Billy Hary, while speaking in a stakeholders’ conference in Abuja on Tuesday, noted that Nigeria’s daily consumption was misquoted by some media houses.
He posited that it is only Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) as an authorized agency that can actually announced the daily PMS consumption of Nigeria as at today.
He said although said Nigeria PMS daily consumption should be approximately 42 to 45 million litres per day pending the actual release by NMDPRA.
He emphasized that the 45 million litres reported by some media houses as the daily consumption of Nigeria was not correct, noting that such statistics was not published by NMDPRA.
Hary also in his lecture at the stakeholders’ conference proffered strategic recommendation towards the operational efficiency and effectiveness of the distribution activities in the downstream sector.
He said: “We assure you that PETROAN is committed to ensuring a ceaseless supply of products in Nigeria.”
According to PETROAN president, the recent price increment is a further financial burden to petroleum retail outlets owners and the need for urgency as it concerns the N100 billion Grant request to President Tinubu dated 21st October 2024.
Hary expressed optimism that, “When approved, the grant will trigger price reduction, boost business growth, save one million jobs and open doors for more job opportunities.”