PMS PRICE ADJUSTMENTS
As Nigeria strives to attain full deregulation status in the downstream sector instead of providing a competitive business environment, it’s important to note that prices will continue to fluctuate to reflect market dynamics. This has led to ascertaining the rumor that the NNPC Limited pump price adjustment of PMS across all retail outlets by 0.6% is accurate.
Addressing newsmen at the headquarters of Petroleum Products Retail Outlets Owners Association (PETROAN) Abuja while reacting to the rumor of the fuel increase by NNPL from journalists.
The National PRO of PETROAN Dr Joseph Obele noted that all indications points to a new price regime or a minimum fuel price increment by 0.6%.
Dr Obele confirmed most NNPC Retail outlets have complied with the upward review.
“In any new entrance of competition, prices are always a bit High, but they drop drastically after a few months following aggressive Competition. Noting that relief is certain when Production commences at the nation-owned refineries.”
On his part, the National President of PETROAN, Dr. Billy Harry, while speaking at a Stakeholders conference in Abuja, noted that some media houses misquoted Nigeria’s daily consumption. He posited that only NMDPRA, as an authorized agency, can announce Nigeria’s daily PMS consumption as of today. However, he said Nigeria’s PMS daily consumption should be approximately 42 to 45 million liters per day, pending the actual release by NMDPRA. He emphasized that the 4 5 million liters reported by some media houses as the daily consumption of Nigeria wasn’t correct, noting that NMDPRA didn’t publish such statistics.
Dr Billy Harry also, in his Lecture at the Stakeholders conference, made a Strategic recommendation regarding the operational efficiency and effectiveness of distribution activities in the downstream sector.
“We assure you that PETROAN is committed to ensuring a ceaseless supply of products in Nigeria, noting that the recent price increment is a further financial burden to Petroleum retail outlet owners and the need for urgency as it concerns the #100 billion Naira Grant request to President Tinubu dated 21st October 2024. When Approved, the grant will trigger price reduction, boost Business growth, save one million jobs, and open doors for more job opportunities,” he states.
