ON FUEL PRICE: PETROAN Nears Partnership with Offshore Refineries

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The Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN) is in advanced talks with four offshore refineries to supply 300,000 metric tons of petrol, diesel, Jet A1, and cooking gas to the Nigerian market in the first quarter of 2024.

PETROAN National President, Mr. Billy Harry, mentioned that refineries in Kazakhstan and Houston are eager to partner with the association on favorable terms. Despite disagreements with calls for a retail pump price of N1,200 per litre, PETROAN aims to boost the purchasing power of Nigerians by sourcing external partners for affordable fuel.

Mr. Billy Harry highlighted that with the Port Harcourt refinery coming onboard, there should be some relief, emphasizing the need for the rehabilitation of other refineries in Warri and Kaduna for stability in the distribution value chain. He expressed concerns about the profit margins for fuel retailers, stating that they are no longer sustainable, especially when compared to roadside food sellers.

In response to the N1,200 per litre price suggestion, NNPC Limited clarified that it has not clashed with any party. The Chief Corporate Communications Officer, Mr. Olufemi Soneye, stated that NNPC Limited confirmed the removal of the subsidy in response to inquiries about alleged subsidy reduction.

Source: THE SUN

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