Find out more became Nigeria’s fuel price compass in just one year

When Olatide Jeremiah officially launched PetroleumPrice.ng successful 2024, driven by a tendency to modernise Nigeria’s traditionally disorganised petroleum selling operations, helium had small thought the level would go a notation constituent for Nigeria's lipid and state assemblage wrong conscionable 1 year.

Today, PetroleumPrice.ng is not lone a trusted root for real-time substance pricing but besides a disruptive unit bringing transparency, efficiency, and innovation to the downstream petroleum market.

Jeremiah told Legit.ng that the inspiration for the level dates backmost to 2015, erstwhile helium was moving arsenic a depot marketer.

Petroleumprice wants to marque it casual for Nigerians to way prices photo credit: Bloomberg/contributor
Source: Facebook

According to him, helium observed first-hand the chaos and opacity surrounding substance transactions.

He said:

“I wanted to physique a integer assemblage wherever extremity users, lipid and state enthusiasts, stakeholders and media houses could interface, link and get informed successful existent time. "So portion building, I and my squad had truthful overmuch judge successful the task considering the information that we understood the problems of the downstream lipid and state sector. 8months aft launch, I’m ace impressed with mentions, patronage and endorsements from antithetic communities successful the industry.

Jeremiah spent 8 years mastering depot operations and retail management, gathering some cognition and relationships.

That hands-on acquisition became the instauration for PetroleumPrice.ng’s eventual launch.

"Over the past 8years arsenic an progressive subordinate successful the industry, I person built ceremonial and informal relationships crossed each depots successful Nigeria, truthful they are our source. Currently tons of depots person indicated involvement to beryllium listed connected our level with terms support."

The imaginativeness of PetroleumPrice.ng

Jeremiah said PetroleumPrice.ng is designed to empower everyone from end-users to large lipid players, with accurate, real-time data.

“I wanted to physique a integer assemblage wherever stakeholders, lipid and state enthusiasts, and adjacent media houses could interact and marque informed decisions."

Just 8 months aft launch, the level has already gained wide recognition.

He added.

“Everyday we get load of calls appreciating our efforts to marque pricing accessible to anyone ascross the satellite astatine nary cost, Depot owners, marketers, retail outlets owners and media houses present trust connected our information to marque informed decisions. "It saves lipid traders from uncertainty and losses that comes with petroleum sector, due to the fact that Petroleumprice.ng tells you erstwhile to buy, wherever to bargain and however overmuch to buy."

How does PetroleumPrice.ng get info

Jeremiah said helium has relationships with depots crossed the country, and galore present voluntarily proviso verified pricing information for the platform.

“We person introduced a two-factor verification strategy for each data. Accuracy is non-negotiable.”

Plans are underway to grow sum beyond depots

He noted.

. “By our archetypal day successful September, we volition statesman displaying unrecorded pricing from retail outlets too. Commuters, consumers, and substance presumption operators volition each payment from this adjacent phase."

Other plans see predictive pricing analytics, vigor maps, humanities trends, and a refined marketplace for lipid and state products.

An API suite for businesses and developers is besides successful the pipeline.

Jermiah explained:

“Our extremity is to perpetually innovate based connected the needs of the industry. “Daily quality reports, substance terms forecasts, and integration tools are conscionable a fewer of what’s coming.” “We get calls regular thanking america for making substance pricing accessible and transparent,” helium shared. “Our information helps depot owners, lipid traders, retailers, and adjacent transport companies debar losses and marque smarter decisions.”"Consumers are besides benefiting. By knowing where, when, and however overmuch to bargain fuel, users are redeeming clip and money. “We person created chiseled value, and the appreciation we person received has been massive."

PetroleumPrice.ng tracks petroluem merchandise prices crossed Nigeria. Photo credit: Nurphoto
Source: Getty Images

Challenges faced by PetroleumPrice.ng

Jeremiah noted that players are uneasy astir the transparency that PetroleumPrice.ng brings.

His words:

. “There are individuals who payment from inefficiencies. “But integer translation is inevitable. What we’re doing is astir the semipermanent bully of the industry.”"We person been formally recognised by the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) arsenic the country’s starring integer level for petroleum pricing and downstream news.

Other partnerships are successful the works arsenic the level expands its scope and services.

Leadership Lessons from his 8-month journey

For Jeremiah, the past twelvemonth has been a masterclass successful visionary leadership

He said"

“What I person learned is that the satellite volition observe anyone who dares to bash the unusual, and does it distinctively,” “We created exclusive worth successful a analyzable manufacture and it’s paying off.”

Looking ahead, the extremity is to spell continental.

Jeremiah projected:

“In the adjacent 2 years, we judge 50% of Nigerian petroleum stakeholders volition beryllium regular users,” “By twelvemonth five, PetroleumPrice.ng volition person a footprint successful aggregate African countries, bringing the aforesaid transparency and ratio we’ve achieved successful Nigeria.”

He said the level volition big the inaugural PetroleumPrice.ng awards, a crowd-voted solemnisation of excellence successful the downstream sector.

Categories include: arsenic retail outlet of the year, petroleum depot of the year, downstream property of the year, astir outstanding downstream organisation, and do

FG speaks connected factors determining petrol terms

Earlier, Legit.ng reported that the Minister of Petroleum Resources (Oil), Senator Heineken Lokpobiri, pledged to proceed working with lipid and state firms.

He did, however, emphasise that marketplace forces would inactive find the terms of substance successful a deregulated market.

He did, however, emphasise that marketplace forces would inactive find the terms of substance successful a deregulated marketplace sector.

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Source: Legit.ng