The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, has attributed the recent reduction in petrol prices across the country to a decline in the landing cost of the product.
Speaking in an interview on Tuesday, Gillis-Harry explained that retail fuel prices are largely influenced by the cost of importing or landing petrol, noting that a reduction in landing costs naturally leads to lower pump prices.
He, however, stressed that petroleum marketers cannot reduce prices below sustainable levels, as doing so would threaten their businesses.
According to him, while marketers are expected to pass cost reductions on to consumers, pricing decisions must still allow operators to remain profitable.
His comments come after the Nigerian National Petroleum Company Limited (NNPCL), MRS and several other filling stations reduced petrol pump prices by between ₦36 and ₦40 per litre, with prices now ranging from ₦1,265 to ₦1,299 per litre in Abuja and surrounding areas.
The latest price adjustment followed a reduction in ex-depot prices by fuel depot operators as competition intensified with Dangote Refinery’s ₦1,215 per litre gantry price.
