• Nigerian oil traders have promised to import gasoline to bring the price below that offered by the Dangote refinery.
• PETROAN, the price its members want to sell will be cheaper than what is currently on sale in Nigeria
• The association disputed Dangote Refinery’s claims that it wants to import substandard products.

Legit.ng’s Pascal Oparada reported on technology, energy, stocks, investing and economy for over a decade.

THE Oil The Produce Retail Outlet Owners Association of Nigeria (PETROAN) revealed on Monday, November 4, 2024 that the gasoline its members intend to import will be cheaper than that currently sold in Nigeria.

PETROAN National Public Relations Officer, Joseph Obele, said competition must exist in a deregulated environment.

Oil traders decide to drive down gasoline prices

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Once again, Dangote Refinery alerts Nigerians over importation of substandard petroleum products

He revealed that the association had registered a business unit to import petrol before December.

He disputed Dangote Refinery’s allegation that the traders intended to import substandard products at a lower price, saying the claims were surprising.

Vanguard reported that Pinnacle Oil and Gas Limited had responded to allegations of blending of substandard gasoline near the Dangote refinery, adding that it was not involved in the blending of substandard products.

Additionally, the association said it was not aware of the price of gasoline from the 650,000 b/d capacity refinery until the company issued a press release.

Dangote refinery blames marketers

According to Obele, intense or aggressive competition in any market brings the best value for money in exchange for a product, claiming that consumers get the best value for money at the height of competition.

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‘Price war’: Oil marketers adjust gasoline prices after Dangote announcement

Legit.ng earlier reported that Dangote Group Brand and Communications Director, Anthony Chiejine, said an international company had hired a depot near the Dangote refinery to blend substandard productswith the aim of selling them on the Nigerian market alongside the higher quality product from the refinery.

The declaration declared the growth of refining in Nigeria is in danger due to the mixing of substandard petroleum products.

Oil traders agree to sell gasoline below Dangote prices

Legitime.ng previously reported that oil traders revealed that gasoline produced by the Dangote refinery sells for between N1,015 and N1,028 per liter depending on the quantity.

Marketers revealed this even as the megarefinery refuted the claims and released the plant’s gasoline prices.

The refinery fixed its prices at N990 and N960 per litre, depending on the mode of transport.

Source: Legit.ng