The National President of the Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, Billy Gillis-Harry, has explained the reason for the recent reduction in fuel prices across Nigeria.
Gillis-Harry, in an exclusive interview with DAILY POST on Tuesday, attributed the recent reduction in petrol prices at Nigerian National Petroleum Company Limited, NNPCL, MRS and other filling stations in Abuja to the drop in the landing cost of the product.
According to him, if the landing cost of petrol reduces, retail prices also decline.
He, however, noted that petroleum retailers and marketers do not reduce fuel prices at a loss.
“You cannot sit down and project price upward or downwards. But there must be some dynamic force that will determine that. It is the cost. It is the cost of landing. If the cost of landing reduces, we are morally bound to reduce price. But we will not reduce price to the extent of staying out of business,” he told DAILY POST.
DAILY POST reports that NNPCL and MRS filling stations had adjusted their fuel pump prices downward by between N36 and N40 per litre, to between N1,265 and N1,299 per litre in Abuja and its environs.
This comes after depot owners dropped their ex-depot prices to compete with Dangote Refinery’s N1,215-per-litre gantry petrol price.
Why Nigerian filling stations reduced fuel pump prices – PETROAN