The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has emphasized its intention to import premium motor spirit (PMS), commonly known as petrol, at a price lower than the current market rate in Nigeria. Dr. Joseph Obele, PETROAN’s National Public Relations Officer, argued that competition should be encouraged in a deregulated market, as it drives down prices and benefits consumers. The association also revealed plans to bring in petrol by December through a newly established business unit, positioning themselves as a key player in the importation of affordable fuel.
PETROAN responded to accusations from Dangote Refinery, which claimed that the association intended to import substandard petrol at lower prices. Obele dismissed these allegations, stating that such claims were typical of Dangote Refinery’s attempts to maintain a monopoly. He assured that PETROAN’s imported petrol would meet high-quality standards, contrasting with the refinery’s stance, which PETROAN argued was focused on protecting its market share. The association further emphasized that aggressive competition would drive fair pricing, benefiting consumers and preventing exploitative practices.
In a related development, Pinnacle Oil and Gas Limited, another major player in Nigeria’s downstream sector, refuted allegations that it was involved in blending substandard petrol near the Dangote Refinery. The company’s CEO, Bob Dickerman, underscored the importance of a deregulated market with multiple suppliers to ensure competitive pricing. Pinnacle also reiterated its commitment to maintaining product quality, arguing that an open market, governed by regulations, is the best way to establish sustainable fuel prices in Nigeria
