Newscenter Media News The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has countered the position of the Independent Petroleum Marketers Association of Nigeria, (IPMAN) on the fuel price in the country.
IPMAN said at the weekend that filling stations in the country would start selling fuel at N935/litre from Monday.
However, the PETROAN President, Billy Gilly-Harry, who appeared on Channels Television’s Sunrise Daily on Monday advised Nigerians to expect a reduction in fuel prices during the week.
He said the price of the product has not been reduced in many filling stations, adding that the new cost of the commodity would take effect this week.
Gilly-Harry said: “But also they’ll give kudos to some of our members, some of the leaders in PETROAN. You know that they have done so well, especially in Abuja, for even reducing their prices to below ₦1,000 before this announcement.
“So, we don’t encourage our members to try to sell products at a loss, because our focus is to serve Nigerians. And the only way we serve Nigerians is that we have the resources to be able to do that.
READ ALSO: Nigerian govt declares public holidays for Christmas and New Year celebrations
“That resource can only be there if we’re making marginal profit enough to pay for the cost of money and make sure that we continue to, you know, do business. So, never mind, you’ll see the translation of this reduction of prices in the retail outlets hopefully within the week.”
He said the inability of members to sell at the new ex-depot price was because some of them still had old stocks they bought at higher prices.
“So, this reduction, if you apply it immediately, don’t forget that some of them bought at ₦970, paid transportation costs and logistics that have taken it quite high.
“So, by the time it gets to their retail outlets, it’s quite much more than that. And so they must also sell at a profit – minimal marginal profit as provisioned by the PIA. So, that’s the reason,” the PETROAN boss added.
He commended Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL) for the reduction in the fuel price.
By: Babajide Okeowo
The post ‘Expect reduction during the week,’ PETROAN counters IPMAN on fuel price appeared first on Latest Nigeria News | Top Stories from Ripples Nigeria.