Oil marketers under PETROAN have called on the FCCPC and NMDPRA to protect businesses from the negative impact of sudden petrol price reductions.
This follows a recent price slash by Dangote Refinery, which lowered the ex-depot price from ₦890 to ₦825 per litre, prompting NNPCL to cut its retail price as well. The NNPC, as it has done in response to previous moves by Dangote Refinery, also reacted swiftly, cutting its own pump price from N940 to N860 in Lagos and N880 in Abuja and other regions, effective March 3.
PETROAN President Billy Gillis-Harry warned that unstable pricing threatens the survival of fuel marketers, leading to massive losses. He urged authorities to implement a consultation mechanism to stabilize fuel prices and protect industry players while ensuring availability for consumers.
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