Expect depots, filling stations adjustment later — Expert, PETROAN

Reacting to the drop in crude price, the Chief Executive Officer, Petroleumprice.ng, Olajide Jeremiah, said the depots and retail outlets had not yet responded by effecting reductions in their prices.

He said: “The news of change in crude oil price and gantry price of Dangote Petroleum Refinery came as a big surprise to the domestic market. Many depots and filling stations are still selling at the old price but there should be downward adjustments before weekend.

“The domestic market will continue to respond to developments in the global market. From all indications, the market will remain very unstable till the end of the current US-Iran conflict, which no one can accurately predict.”

Despite the immediate non-response of depot owners and oil marketers, the Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, said petrol price in Nigeria will continue to rise and fall, depending on developments.

Billy Gillis-Harry, National President of PETROAN, commended Dangote Petroleum Refinery for the latest downward price adjustment, adding that depot owners and other operators would follow suit after exhausting their old stocks.

He said: “The refinery has taken the right step. Other operators in the downstream will follow as soon as they finished selling their stocks.”

He emphasised that revamping Nigeria’s refineries for immediate domestic production was critical.
Local refining, the PETROAN president said, would reduce exposure to international market volatility, especially as Nigeria has abundant crude oil resources under the custody of the NNPC.

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