Nigeria’s Petroleum Market Gets a Surprise Twist

Oru Leonard

In a shocking move, Dangote Refinery released its PMS price, leaving many stunned. However, PETROAN, the Petroleum Products Retail Outlets Owners Association of Nigeria, swiftly responded, announcing plans to sell PMS at an even lower rate.

PETROAN’s bold move is driven by its commitment to solution-centric and patriotic values, aiming to stabilize Nigeria’s turbulent downstream sector. The organization has partnered with foreign refinery counterparts and financial partners to import high-quality PMS, set to enter the market before December 2024.

Dangote Refinery’s price announcement, #990, sparked controversy, with critics arguing it disregards production costs and fair margins. PETROAN claims Dangote’s move is a monopolistic tactic to push out competitors.

Industry experts praise President Tinubu’s efforts to revamp national refineries and promote competition. PETROAN urges transparent privatization of Port Harcourt and Warri Refinery plants to reputable firms, ensuring a balanced market.

As Nigeria navigates this complex petroleum landscape, stakeholders seek a solution to pricing instability. PETROAN advocates for intensive competition, and an all-inclusive stakeholders’ meeting may hold the key to resolving the downstream sector’s challenges.