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- The changes successful substance prices by Dangote Refinery and the NNPC Limited successful caller weeks are hitting filling presumption owners hard
- It has been reported that astir 5,000 filling presumption owners person decided to adjacent owed to terrible fiscal losses
- Dangote refinery has erstwhile again decided to trim its prices for marketers offering a rebate to customers
Legit.ng journalist Dave Ibemere has implicit a decennary of business journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.
Over 4,900 petrol retail outlets person reportedly unopen down operations crossed Nigeria.
The closures person been attributed to predominant and unpredictable changes successful the terms of Premium Motor Spirit (PMS) by the Dangote Petroleum Refinery and substance importers.
Source: Getty Images
Confirming the development, President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, said that much than 70% of the group’s 7,000 retail stations had closed shop, Punch reports.
Gillis-Harry said:
“PETROAN has implicit 7,000 retail outlets, and implicit 70% are present retired of business. This is mostly due to the fact that we can’t entree loans, and pricing fluctuates drastically betwixt erstwhile we bid products and erstwhile they get astatine our stations."He noted that the concern has go truthful dire that galore marketers present excavation resources to spend a azygous truckload of petrol.
PETROAN president added:
“There’s nary justification for the fluctuating prices from the refinery. The uncertainty is sidesplitting our businesses. “Marketers present question retired suppliers offering ‘soft landing’ deals conscionable to enactment afloat.”Marketers facing unit from substance terms changes
In summation to retail closures, it is reported that slightest 70 vessel farms representing astir 65% of Nigeria’s 120 approved facilities person been abandoned arsenic operators bypass accepted retention successful favour of nonstop trucking to trim overheads and losses.
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has besides reported mounting losses among its implicit 20,000 members.
The group’s National Publicity Secretary, Chinedu Ukadike, said fluctuating prices and logistics bottlenecks person made bulk purchases risky.
He noted
“Our trucks present walk up to 3 days successful transit. By the clip they arrive, prices person dropped and we incur losses ranging from N300,000 to N1 cardinal per truck,.“Marketers present harvester funds conscionable to bargain a azygous truckload, operating connected a skeletal level.”
Source: Getty Images
Dangote adjusts prices
The $20 billion, 650,000-barrel-per-day Lekki-based refinery has adjusted its prices astatine slightest six times betwixt January and April 2025, archetypal N950 per litre down to the existent N831 per litre.
On Tuesday, May 20, the Dangote Refinery again slashed petrol prices to N831 per litre, from N834 the erstwhile day.
In a determination to woo marketers, the refinery is refunding the N3 quality to customers a repetition of its earlier N10 per litre rebate strategy, which ended May 15.
NBS reveals substance terms is implicit N1,000
Earlier, Legit.ng reported that the NBS has revealed that the nationalist mean terms of petrol astatine filling stations accrued by 76.73%.
The NBS disclosed that the Imo, Jigawa and Sokoto states recorded the highest terms of petrol successful the reappraisal period.
The study besides disclosed that Yobe, Kwara and Osun states had the lowest retail terms of petrol successful April.
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Source: Legit.ng
