A.A Rano denies selling petrol at N400 per litre

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A. A Rano Nigeria Limited, in response to circulating rumors, has refuted claims of selling Premium Motor Spirit (petrol) at the rate of N400 per liter. The company has labeled the reports as misleading and clarified its position in a statement issued on its social media platform.

The news of A.A. Rano allegedly selling petrol at an inflated price had gained attention on various social media platforms. However, the company has categorically denied these allegations and emphasized that the information being circulated is false.

It is important to exercise caution and verify information from credible sources to avoid spreading misinformation or being misled by unverified reports.

“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 stations. Kindly disregard the false information in its entirety.”

Following the removal of fuel subsidy by the federal government, the Nigerian National Petroleum Company Limited (NNPCL) increased the price of petrol from N195 per litre to N537 per litre. However, it is important to note that A A Rano Nigeria Limited has denied any involvement in selling petrol at the rate of N400 per litre, stating that such information is false and misleading.

Economic experts have advised the federal government to focus on ensuring the optimal functioning of local refineries to effectively implement the fuel subsidy removal. This would contribute to a more sustainable and efficient petroleum industry in Nigeria.

Dr Olanrewaju Aladeitan, an oil and gas expert, stated in an interview with the News Agency of Nigeria in Abuja that the impact of subsidy removal would be mitigated if both the brown and green refineries were operational. He explained that an increase in the supply of Premium Motor Spirit (petroleum) in the country could lead to a more reasonable and affordable price.

According to Mr Aladeitan, the removal of petroleum subsidy, which is a consumption subsidy, is a welcome development in a truly liberalized economy. However, with the deregulation of the petroleum downstream sector, pricing will be determined by the forces of demand and supply. He expressed concern about the implications for Nigeria’s fragile economy, particularly considering the lack of a well-planned transportation network. He noted that in the past, increases in petroleum product prices have led to price hikes in other goods and services, causing the country to experience unprecedented hyperinflation.

It is important to consider the expert’s views in assessing the potential impact of subsidy removal and the need for a well-functioning refinery system to ensure a stable and affordable supply of petroleum products in Nigeria.

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