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In an effort to further lower the product’s price, Dangote Refinery and the Association of Nigeria Petroleum Products Retail Outlets Owners have inked an agreement on the direct sale of premium motor spirit.

This was revealed in a statement released on Friday by PETROAN spokesperson Joseph Obele.

The deal follows a strategic meeting between PETROAN’s National President, Bill Gillis-Harry, and other Association members and Dangote Refinery on December 2, 2024, concerning the direct sale of petrol.

PETROAN claims that the move would ensure that there is no shortage of petrol nationally over the holiday season and that fuel prices will drop.

“This was due to the efforts of the PETROAN distribution technical committee in charge of planning and execution of the zero-fuel scarcity strategy. We are happy that Nigerians are going to travel effortlessly during this period of the year.

“The National President of PETROAN, Dr Billy Gillis Hary, on Monday, 2nd December 2024 led the negotiation team of PETROAN to a fruitful strategic business meeting with the management of Dangote Refinery at the complex in Lagos.

“The sealing of a transactional deal with Dangote Refinery was the aftermath of a successfully buyer-seller negotiation and agreement secured by PETROAN at the strategic meeting.

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“PETROAN National President commended the Vice President of the Dangote Group &
Managing Director of Dangote Refinery, Mr Devakumar V. G. Edwin, for his cooperation and strategies deployed so far to make petroleum products available to all Nigerians throughout the end of the year festivities and beyond.

“PETROAN is impressed with the outcome of the strategic business meeting, which was evidenced by the establishment of seller/buyer relationships, reservation of the monthly volume for PETROAN, payment modalities, and a favourable rate.

“We reserved the right not to make public the business terms and conditions, even as we express optimism that the greatest beneficiaries in all shall be the general public as it concerns product availability and affordability,” he stated.

This comes as petroleum marketers warn Nigerians against panic buying, pointing out that the country’s fuel shortage would end with the opening of Port Harcourt and Dangote Refineries.

“PETROAN dismisses any form of fuel scarcity concerns, cautioning against panic buying as it is unsafe and dangerous to stock petroleum products at home. PETROAN also calls on stakeholders in the downstream sector to support the Management of NNPC Retail Ltd and Dangote Refinery to sustain petroleum product supply.

“We hereby reassure Nigerians of PETROAN’s preparedness to ensure zero scarcity of petroleum products during the upcoming festive season and beyond, as all our retail outlet operators in all the states in Nigeria have been placed on green alert for service,” the statement reads.

According to ZINGTIE, this is Dangote Refinery’s second direct petrol sale contract with oil marketers. The Independent Petroleum Marketers Association of Nigeria was the first.

Recall that the gasoline pump prices for oil marketers’ filling stations were slightly lowered from N1,200 per litre to between N1,100 and N1,115 as a result of Dangote Refinery’s direct petrol selling arrangement with IPMAN. In the meantime, fuel costs N1060 per litre at Nigerian National Petroleum Company Limited retail locations.

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