The Petroleum Retailers Outlet Owners Association of Nigeria, PETROAN, has commended the NNPC Retail Ltd. for slashing the price of Premium Motor Spirit, PMS, known as petrol from N920 to N875 per litre.

PETROAN said the bold move was expected to alleviate the financial burden on Nigerians amidst rising inflation.

In a statement on Monday, the National President of the association, Billy Gillis-Harry praised the NNPC Retail Ltd. for taking proactive steps to support Nigerians.

Gillis-Harry said the reduction in pump price was expected to positively impact Nigerians by reducing transportation costs, in order to make it easier for people to commute and transport goods.

He said the reduced transportation costs would lead to reduced food prices, making it easier for Nigerians to access affordable food, as he also lauded Dangote Refinery for agreeing to refund N65 to retail outlet owners affected by the price reduction.

9News Nigeria reveals that the refund initiative follows Dangote Refinery’s recent reduction of its gantry price from N890 per litre to N825 per litre.

According to the refinery, customers who purchased PMS at higher rates than the advertised prices from Dangote’s key partners are eligible for a refund.

The refund amount is N65 per litre on over 200,000 metric tonnes of PMS purchased by marketers at the old gantry price.

He said that Dangote had absorbed a N16 billion loss to implement these refunds, demonstrating its commitment to fair pricing and consumer welfare.

The refund initiative, he said would also positively impact retail outlet owners, who would benefit from reduced prices and refunds.

“Many retail outlet owners purchased PMS at the higher rate before the price reduction, and the refund will help mitigate their losses.

“We commend Dangote Refinery for this initiative, which will help reduce the financial burden on our members,” Gillis-Harry said.