Africa-Press – Nigeria. <\/strong><\/span>The Petroleum Products Retail Outlet Owners Association has said that petrol marketers lost billions due to the downward review of fuel prices by the Nigerian National Petroleum Company Limited and Dangote Refinery.<\/p>\nPETROAN spokesman Joseph Obele disclosed this on Monday while commenting on the need for healthy competition and price stability within Nigeria\u2019s petroleum downstream sector.<\/p>\n
Recall that last week Monday, NNPC dropped its retail petrol price to N860 and N880 per litre from N945 and N965 in Lagos and Abuja, respectively.<\/p>\n
NNPC\u2019s petrol price drop followed Dangote Refinery\u2019s retail fuel price reduction to N860 and N880 per litre across its retail partners.<\/p>\n
The development sparked a fresh price war between NNPCL and Dangote Refinery.<\/p>\n
Reacting to fluctuations and price instability, PETROAN recommended a six-month price stability mechanism.<\/p>\n
\u201cPETROAN is firmly committed to the Petroleum Industry Stakeholders Forum and stands firm in advocating for healthy competition, full liberalisation, and price stability in the downstream sector. We urgently urge NMDPRA to quickly swing into action to ensure fair pricing. We believe that by working together, industry stakeholders, government, and consumers can create a vibrant, competitive market that benefits everyone.<\/p>\n
\u201cFor the average citizen, sudden spikes in fuel prices can lead to financial strain and uncertainty.\u201d<\/p>\n
The association stressed that the sudden downward review of prices has resulted in massive losses, with those affected counting their losses in billions of naira.<\/p>\n
\u201cThis situation poses a significant fear for further investment in the sector, as investors are wary of unpredictable market conditions. Moreover, the threat of price fluctuations is affecting the business boom in the sector, which will definitely lead to retrenchment. This will have far-reaching consequences, including job losses and economic instability.<\/p>\n
\u201cTo address these challenges, PETROAN proposed that regulatory authorities establish mechanisms to encourage price stability for at least six months. This approach will help reduce the uncertainty and risk associated with investments in the sector, ultimately promoting economic development and protecting the interests of consumers and Nigerians.\u201d<\/p>\n
PETROAN backs healthy competition, fuel import<\/p>\n
Also, PETROAN backed healthy competition within Nigeria\u2019s petroleum downstream sector.<\/p>\n
According to PETROAN, they advocated for a multiplicity of supply sources, including Dangote Refinery, NNPC refineries, modular refineries, and imports, to foster competition in the downstream sector.<\/p>\n
\u201cAfter due consultation with key stakeholders and players in the petroleum sector, the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has taken a firm stance on promoting healthy competition and controlling price fluctuations in the downstream sector.<\/p>\n
\u201cTo this effect, PETROAN advocates the importance of preventing monopolies and ensuring local refineries thrive, given their significant economic benefits to the country.<\/p>\n
\u201cThe importance of healthy competition: Healthy competition is essential for fostering innovation, improving service delivery, and ensuring that consumers have access to affordable products. When competition thrives, it leads to better choices for consumers and ultimately contributes to economic growth.<\/p>\n
\u201cPETROAN firmly believes that a competitive downstream sector is not just beneficial but necessary.<\/p>\n
\u201cTo achieve this, PETROAN advocates for a multiplicity of supply sources, including Dangote Refinery, NNPC refineries, modular refineries, and imports. This diverse range of sources will foster competition, especially with imports, allowing for comparisons with international market prices and protecting the local market from exploitation.<\/p>\n
\u201cWe advocate for policies that dismantle barriers to entry for new players, promote fair practices among existing companies, and ensure that no single entity can dominate the market to the detriment of consumers,\u201d the statement reads.<\/p>\n
Recall that the National Bureau of Statistics said petrol imports surged by 100 percent to N15.4 trillion in 2024, which impacted local refineries such as Dangote Refinery.<\/p>\n
Source: Daily Post Nigeria<\/b><\/p>\n
For More News And Analysis About Nigeria<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"By Ogaga Ariemu Africa-Press – Nigeria. The Petroleum Products Retail Outlet Owners Association has said that petrol marketers lost billions due to the downward review of fuel prices by the Nigerian National Petroleum Company Limited and Dangote Refinery. PETROAN spokesman Joseph Obele disclosed this on Monday while commenting on the need for healthy competition and […]<\/p>\n","protected":false},"author":84,"featured_media":154891,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15,1437],"tags":[1233,772,254,434,13366],"class_list":["post-154892","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-files","tag-dangote","tag-fuel","tag-nigeria","tag-nnpc","tag-petroan"],"yoast_head":"\n
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