BREAKING: A.A Rano Reacts To Reports Of Selling Petrol At N400 Per Litre

BREAKING: A.A Rano Reacts To Reports Of Selling Petrol At N400 Per Litre

The management of A. A Rano Nigeria Limited has denied selling Premium Motor Spirit, PMS, popularly known as petrol, at the rate of N400 per litre.

The news of A.A. Rano selling petroleum at a rate of N400 has been trending across different social media platforms.

Reacting to the rumour, the company, in a statement on its social media platform, described the report as misleading.

“The management of A A Rano wishes to unambiguously debunk the false and Misleading information of selling petrol at the rate of N400 in some selected Station.

“Kindly disregard the false information in its entirety,” the statement reads.

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After the removal of fuel subsidy by the federal government, the Nigerian National Petroleum Company Limited, NNPCL, jerked up the price of petrol from N195 per litre to N537 per litre.

Meanwhile, economic experts had advised the federal government to ensure that the local refineries are working optimally for effective implementation of the fuel subsidy removal.

Speaking in an interview with the News Agency of Nigeria in Abuja, Dr Olanrewaju Aladeitan, an oil and gas expert, said that the impact of the subsidy removal would be minimised if both the brown and green refineries were up and running.

Mr Aladeitan noted that an increase in the supply of the Premium Motor Spirit, known as petroleum in the country may lead to a reasonable and affordable price.

“Removal of petroleum subsidy which is a consumption subsidy if done in a truly liberalised economy is a welcome development.

“But with deregulation of the petroleum downstream sector, pricing will be determined by the forces of demand and supply.

“The implication of this for Nigeria’s fragile economy with a largely unplanned transportation network is more hardship for the citizens.

“Past experience has shown that once there is an increase in the prices of petroleum products, prices of other goods and services soar and the country plunges into unprecedented hyper-inflation,’’ Mr Aladeitan said.