The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) on Friday said it has signed a petrol purchase agreement with the Dangote Refinery.
In a statement on Friday signed by its National Public Relations Officer, Joseph Obele, it said the sealing of a transactionary deal with Dangote Refinery was the aftermath of a successful buyer-seller negotiation and agreement secured by PETROAN at the strategic meeting.
Mr Obele explained that the National President of PETROAN, Billy Gillis-Harry led the negotiation team of the association to a fruitful strategic business meeting with the management of Dangote Refinery at the complex in Lagos on Monday.
According to the statement, Mr Gillis-Harry commended the Vice President of Dangote group & Managing Director of Dangote Refinery, Devakumar Edwin, for his cooperation and strategies deployed so far to make petroleum products available to all Nigerians throughout the end of year festivities and beyond.
“PETROAN is impressed with the outcome of the strategic business meeting which was evidenced with the establishment of seller/buyer relationship, reservation of monthly volume for PETROAN, payment modalities and a favourable rate.
“We reserved the right not to make public the business terms and conditions, even as we express optimism that the greatest beneficiaries in all shall be the general public as it concerns product availability and affordability,” the statement said.
PETROAN dismissed any form of fuel scarcity concerns, cautioned against panic buying, stating it is unsafe and dangerous to stock petroleum products at home.
The association also called on stakeholders in the downstream sector to support the management of NNPC Retail Ltd and Dangote Refinery to sustain petroleum products supply.
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“We hereby reassure Nigerians of PETROAN’s preparedness to ensure zero-scarcity of petroleum products during the upcoming festive season and beyond as all our retail outlets operators in all the states in Nigeria have been placed on green alert for service.”
In October, Aliko Dangote, founder and president/chief executive of the Dangote Group, said his refinery has more than 500 million litres of petrol in stock, but marketers have not been picking up the product.
Earlier in November, the Independent Petroleum Marketers Association of Nigeria (IPMAN) called on Dangote Refinery to engage stakeholders and review its pricing strategy, saying the refinery prices are higher than other suppliers, making it difficult for independent marketers to sell products.
On 24 November, Dangote refinery announced a reduction in the price of petrol from N990 per litre to N970 per litre for the marketers.
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