The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has announced plans to sign direct purchase agreements with three Nigerian refineries to enhance the availability of affordable petroleum products nationwide.
In a notice issued on Tuesday, signed by PETROAN National President Billy Gillis-Harry and Secretary Adedibu Aderibegbe, the association disclosed that the agreements would officially commence on Wednesday.
The agreements include a Sales Purchase Agreement (SPA) with Allegiance Energy and Power Limited, a Refined Petroleum Products Offtake and Sales Agreement with Claridge Petroleum Company Limited, and another SPA with Oasis Petrochemical Products Limited.
“This initiative is aimed at ensuring affordable petroleum products for Nigerians across the country,” the notice stated.
This move aligns with PETROAN’s earlier New Year message, which hinted at potential further reductions in petrol prices in 2025.
Towards the end of 2024, the Dangote Refinery and Nigerian National Petroleum Company Limited (NNPC) announced a significant reduction in retail petrol prices, bringing costs down to N935 and N965 per litre, respectively. PETROAN’s new agreements are expected to build on this momentum, promoting affordability and stability in the downstream petroleum sector.
The signing of these agreements marks a proactive step by PETROAN to address fuel price challenges while fostering greater collaboration between the association and local refineries.
