The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has raised serious concerns over the adverse effects of fluctuating petrol prices on the survival of its members’ businesses.
President of PETROAN, Billy Gilly-Harris, voiced these concerns during an appearance on Business Morning on Channels Television on Tuesday, highlighted the increasing threat posed by unstable prices of Premium Motor Spirit (PMS) in recent weeks.
Gilly-Harris’s remarks come amid an ongoing price competition between the Dangote Refinery and the Nigerian National Petroleum Company Limited (NNPCL). Following a ₦65 reduction in ex-depot prices by the Dangote Refinery, retail prices at its affiliated filling stations fell from ₦925-₦930 per litre to ₦860. In response, NNPCL also lowered its prices at its retail outlets, intensifying the rivalry between the two dominant players in the sector.
