President of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Dr Billy Gillis-Harry, has said that the increase in the price of Premium Motor Spirit (PMS) by Dangote Petroleum Refinery will have a ripple effect on the economy.
Harry said this during an interview with Trust TV published on X on Wednesday.
Earlier in the week, Dangote Refinery increased its gantry price by N100, bringing the ex-depot rate to N874 per litre from N774.
The PETROAN President said it is simple economics to understand that petrol retail outlet owners would incur additional costs following the hike.
“That N100 will certainly affect every part of the economy. Those of us who have retail outlets that will buy from there will do so with a lot of logistics costs and a few other expenses.
“So, it’s very easy to understand that when you buy products at N874, you’re going to incur additional costs. That is, you will take the products from location one to location two, and those costs add up. Yet, the retail owners will still have to make some profit to be able to stay in business,” the PETROAN President said.
