Victor Ezeja
Petroleum marketers have assured that there will be price reduction and zero scarcity of petroleum products nationwide, especially Premium Motor Spirit (PMS), during the Yuletide season.
Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) gave the assurance after signing a deal for direct supply of PMS with Dangote Refinery.
In a statement on Friday, PETROAN spokesperson, Joseph Obele, said the agreement guarantees fuel price drop and availability nationwide.
Mr Obele attributed the success of the agreement to efforts of the PETROAN distribution technical committee in charge of planning and execution of the zero-fuel scarcity strategy.
“We are happy that Nigerians are going to travel effortlessly during this period of the year,” Obele stated.
He added that the signing of the agreement followed a meeting between Dangote Refinery management and the PETROAN negotiation team led by the National President, Dr Billy Gillis Hary, on Monday, 2 December 2024 in Lagos.
“The sealing of a transactional deal with Dangote Refinery was the aftermath of a
successfully buyer-seller negotiation and agreement secured by PETROAN at the
strategic meeting.”
The statement added that the PETROAN National President commended the Vice President of the Dangote Group & Managing Director of Dangote Refinery, Mr Devakumar V. G. Edwin, for his cooperation and strategies deployed so far to make petroleum products available to all Nigerians throughout the end of the year festivities and beyond.
The PETROAN spokesperson highlighted that during the meeting, seller/buyer relationships, was established, issues of reservation of the monthly volume for PETROAN, payment modalities, and a favourable rate were concluded.
The association expressed optimism that the general public will be the greatest beneficiaries as it regards product availability and at affordable prices.
While reiterating that petroleum products will be available during the festive period, the PETROAN warned against engaging in panic buying, adding that it equally has safety implications to stock petroleum products at home.
PETROAN also called on stakeholders in the downstream sector to support the Management of NNPC Retail Ltd and Dangote Refinery to sustain petroleum product supply across the country.
“We hereby reassure Nigerians of PETROAN’s preparedness to ensure zero scarcity of petroleum products during the upcoming festive season and beyond, as all our retail outlet operators in all the states in Nigeria have been placed on green alert for service,” the PETROAN added.
Prime Business Africa reports that this is Dangote Refinery’s second direct petrol sale deal with oil marketers since it commenced local PMS production and supply.
It would be recalled that the Independent Petroleum Marketers Association of Nigeria (IPMAN) was the first to strike a deal with the Dangote Refinery for direct supply of PMS.
The direct sales agreement IPMAN, according to observers, led to the slight reduction in pump price of petrol from N1,200 per litre to between N1,100 and N1,115 recently.
Victor Ezeja is a passionate journalist with seven years of experience writing on economy, politics and energy. He holds a Master's degree in Mass Communication.
