The Association of Nigeria Petroleum Products Retail Outlets Owners (PETROAN) and Dangote Refinery have agreed the direct sale of premium motor spirit (petrol), aimed at reducing fuel prices.
This agreement, disclosed by PETROAN’s spokesperson Joseph Obele on Friday, follows a strategic meeting on December 2, 2024, between PETROAN’s National President, Bill Gillis-Harry, and Dangote Refinery’s management.
According to PETROAN, the agreement is expected to guarantee lower fuel prices and prevent petrol scarcity during the yuletide season. The efforts of the PETROAN distribution technical committee were instrumental in planning and executing the zero-fuel scarcity strategy.
The successful negotiation led to the establishment of a seller/buyer relationship, reserving monthly volumes for PETROAN, setting payment modalities, and securing a favorable rate. PETROAN’s National President praised the Vice President of Dangote Group and Managing Director of Dangote Refinery, Mr. Devakumar V. G. Edwin, for his cooperation in making petroleum products available throughout the festive season and beyond.
PETROAN reassured Nigerians of their preparedness to ensure zero fuel scarcity during the festive season. They advised against panic buying and stockpiling fuel at home, emphasizing the safety risks and the anticipated end to fuel scarcity with the introduction of products from both Port Harcourt and Dangote Refineries. PETROAN called on stakeholders to support the continuous supply of petroleum products.
This agreement is the second direct petrol sale arrangement between Dangote Refinery and oil marketers, following a previous deal with the Independent Petroleum Marketers Association of Nigeria (IPMAN). The previous agreement had resulted in a slight reduction in fuel pump prices for oil marketers’ filling stations.
By working together, PETROAN and Dangote Refinery aim to provide affordable fuel and maintain a steady supply throughout Nigeria.
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