The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has finalised a partnership with the ?angote Petroleum Refinery to ensure a steady supply of petroleum products during the Yuletide season.
PETROANs National Public Relations Officer, Dr. Joseph Obele, who confirmed the arrangement in an issued statement on Friday, said the collaboration aims to prevent fuel scarcity and ensure affordability across the country.
The agreement follows extensive negotiations with the $20 billion Lekki-based ?angote Refinery and guarantees product availability for PETROAN members nationwide.
Obele said, The National President of PETROAN, Dr. Billy Gillis-Harry, led the negotiation team to a successful strategic business meeting with the ?angote Refinery management on Monday, December 2, 2024.
The discussions covered monthly volume reservations, payment modalities, and favourable pricing for PETROAN members.
Dr. Joseph Obele described the partnership as a significant milestone in ensuring a steady fuel supply. He emphasised that the public benefits the most from this deal, ensuring the availability and affordability of petroleum products.
PETROAN also dismissed fears of fuel scarcity and cautioned Nigerians against panic-buying, assuring that the deal will eliminate middlemen, reduce costs, and enhance efficiency.
This development marks the conclusion of several months of negotiations and aligns with the ?angote Refinerys objective to streamline fuel distribution in Nigeria. The partnership comes as the Port Harcourt Refining Company begins exporting low-sulphur straight-run fuel oil, with its first shipment destined for Dubai, UAE.
However, the refinerys output has drawn mixed reactions from industry operators regarding its operational efficiency.
The ?angote Refinery, Africa and Europes largest has already commenced production of petrol, diesel, and aviation fuel. It plans to supply over 30,000 Independent Petroleum Marketers Association of Nigeria (IPMAN) members and 150,000 retail outlets nationwide, further stabilizing the downstream petroleum sector.
