The Petroleum Retailers Outlet Owners Association of Nigeria (PETROAN) sings praises to Dangote Refinery and NNPC Retail Ltd. for cutting the price of petrol.

The price was reduced from N920 to N875 per litre, a move PETROAN says will ease the financial burden on Nigerians struggling with high living costs.

In a statement on Monday, Billy Gillis-Harry, PETROAN’s national president, thanked NNPCL for taking action to support Nigerians during these tough times.

“This price cut will bring relief to many Nigerians battling with inflation,” he said.

He added that the lower fuel price would likely reduce transport fares, making food and other goods more affordable.

Dangote Refinery was also praised for agreeing to refund N65 per litre to fuel station owners who bought petrol at the old price.

Over 200,000 metric tonnes of petrol were affected by the price slash. The refund will help many retailers recover from their losses.

Dangote reportedly absorbed a N16 billion loss to make the refunds, showing its commitment to fair pricing and consumer welfare.

“This refund will ease the burden on our members who bought fuel at higher rates before the reduction,” Mr Gillis-Harry added.

The price reduction is expected to improve the cost of living and support the economy.