The Petroleum Retailers Outlet Owners Association of Nigeria, PETROAN, yesterday commended NNPC Retail Ltd for reducing the price of Premium Motor Spirit (PMS) otherwise known as petrol from N920 to N875 per litre.
The association said the move is expected to alleviate the financial burden on Nigerians amidst rising inflation.
In a statement to Vanguard, PETROAN’s National President, Dr. Billy Gillis Harry, said that the development will be a huge relief to Nigerians.
He stated: “The reduction in PMS price is expected to positively impact Nigerians in decreased transportation costs. With lower PMS prices, transportation costs will decrease, making it easier for people to commute and transport goods.
“It will reduce food prices. Lower transportation costs will lead to reduced food prices, making it easier for Nigerians to access affordable food.”
The association also lauded Dangote Refinery for agreeing to refund N65 to retail outlet owners affected by the price reduction.
The refund initiative follows Dangote Refinery’s recent reduction of its gantry price from N890 per litre to N825 per litre.
