Nigeria's foremost Online Energy News Platform

PETROAN directs members to sell fuel at N160/litre

The Petroleum Retailers Outlets Association of Nigeria, PETROAN, has directed its members to sell premium motor spirit, commonly known as petrol, at the lower band of N160 per litre and N162 upper bandChairman of PETROAN in Rivers State, Francis Dimgba, said the directive was imperative following the reduction in the ex-depot price to about N157 per litre by the Federal Government.

Dimgba said circulars have been sent to members to adhere to the new price and a taskforce set up by the association to monitor compliance among members. “The ex-depot price has reduced to about N156.40. Therefore, we are urging our members to retail petrol now at N160 for the lower band and N162 per litre in the upper band.

“We have sent circulars to our members and urged them to adhere to the new price. We have a taskforce we have set up to moved round today. I believe that by tomorrow, all filling stations will begin to sell by the new price.”

PETROAN emphasised that the only way to solve the quagmire bedeviling petrol price and availability in the country is to get the local refineries working at optimal capacity.

“The permanent solution is for the Federal Government to ensure the refineries are working in optimal capacity. Assuming we have our refineries working, the issue of fuel quagmire will be a thing of the past.

“You cannot deregulate when your refineries are not working, besides what about the issue of petroleum equalization? That one too needs to be looked into,” he said.