Queue at the filing station The President, Petroleum Products Retailers Owners of Nigeria( PETROAN), Dr Billy Gills Harry, says the reduction of the product, by the Nigerian National Petroleum Company Limited( NNPCL) is good for the nation'struggling economy, as it would help in soften the difficult situations posed by the sharp rise in the price of petroleum products. While reacting to the issue through a statement issued and signed to the NEWSMIRROR yesterday, Harry said that the slight reversal of the price by NNPCL shows that the government is committed to the alleviation of the problems of the masses. According to him, the reduction in the price per litre of Petrol Motoring Spirit( PMS) from N1,020 per litre to N899 per litre is good, adding that the country will soon get over its problem, if the readjustment of the economy continues. Also, PETROAN's Public Relation Officer, Dr Joseph Obele said that Dangote Petroleum Refinery had earlier started the r...
Nigeria's average daily petrol consumption has fallen by 28 per cent in the last in less than fourty days, precisely between May 29-June 4th this year), the President, Petroleum of Retail Outlet Owners Association of Nigeria ( PETROAN), Bills Gillis-Harry, has said.
The decline occured between the day, in which President Tinubu was innugurated and now.
Citing the figures released to Reuters by the Nigerian Midstream and Downstream Petroleum Regulatory Authority( NMDPRA), Gillis-Harry, noted that an average daily petrol consumption, fell to 48.43 million litres in June, down from the previous average of 66.9 million,
He said, by this development, marketers have recorded downward retail sales probably due to hike in the product pump prices.
The PETROAN poss, however advised the government to to further authenticate it’s data using a new tool developed by the Association.
According to him, a framework has been developed by the association in order to ensure collation of data on petroleum products consumed in Nigeria.
He further said that a Petroleum Products Passport, PPP, a tool that can be perfectly deployed in the industry, with a view to transparently monitor products supply and distribution across the country has been discovered, stressing that a sustainable efforts to fix the nation’s refineries by the current administration is important.
He said the subsidy regime has kept prices of the petroleum products cheap for decades, stating that it is now that Nigerians are aware the products are very expensive.
Nigeria reportedly spend $10 billion last year on subsidy-leading to wider deficits and driving up government debt.
Since the subsidy was ended a black market in neighbouring Cameroon, Benin and Togo that relied on petrol smuggled from Nigeria has collapsed.
Despite having spent $2.41 billion on the subsidy in the first five months, Nigeria could save up to $5.10 billion this year from scrapping the petrol subsidy and from FX reforms, the World Bank said on June 27.
Also, reports has said that the Independent Petroleum Marketers Association of Nigeria, IPMAN, has inched further with its projected mass rollout of Compressed Natural Gas, CNG, refilling outlets across the country with seven banks ready to manage revolving fund facility from the African Development Bank, AfDB.
According to reports, the IPMAN had sealed the deal with the bank following removal of petrol subsidy.
National President of IPMAN, Elder Chinedu Okoronkwo was quoted as confirming the development.
The Association is said to have made the approach after it conducted a market survey on the cost of converting existing petrol stations to CNG outlets
Recall that IPMAN has commenced identification of members interested in co-locating CNG dispensers and infrastructure on their existing petrol retail outlets .
The exercise is to identify qualified potential candidates for loans to support it’s target of establishing 10-20 colocated CNG stations in each state of the federation during the first phase of its planned nationwide rollout.
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