The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has announced plans to import petrol at prices lower than the current rate, emphasizing the need for competitive pricing in the Nigerian market. In a statement by its National PRO, Dr. Joseph Obele, PETROAN argued that a deregulated market thrives best with competition and insisted their petrol imports will meet quality standards.
The association’s decision follows a public statement from Dangote Refinery alleging that some marketers, intending to undercut the refinery’s pricing, might import substandard products. PETROAN dismissed these claims as an attempt by Dangote Refinery to preserve market dominance.
Obele emphasized, “Aggressive competition ensures consumers receive the best pricing. Restricting this leads to profiteering and monopoly.” He added that PETROAN had partnered with international refineries to bring in high-quality petrol by December, targeting affordability for Nigerian consumers.
Meanwhile, Pinnacle Oil and Gas Limited, another key player in the sector, has refuted claims of blending substandard products near Dangote Refinery. CEO Bob Dickerman stated that open competition is essential for stable pricing, and regulated imports ensure product quality and responsible market behavior.
