SGR, a leading petroleum distribution company, has defended its decision to set the price of petrol at N899 per litre, citing the tough realities of a deregulated fuel market and escalating operational costs.
This follows criticism from the Independent Petroleum Marketers Association of Nigeria (IPMAN), which called the price excessive and warned of potential negative impacts on market stability.
In a statement released by its Corporate Communications Team on Monday, SGR explained that its pricing reflects key market dynamics, including the rising costs of fuel procurement, transportation, and the necessity to maintain consistent service quality across the country.
“Pricing in a deregulated downstream sector is influenced by various market forces,” the statement noted.
“Our pricing model reflects these factors and is not intended to disrupt the market or place undue pressure on other marketers.”
SGR assured the public that its pricing strategy is transparent, fair, and grounded in the current economic environment, rather than being driven by arbitrary decisions.
The company reiterated its commitment to providing high-quality service while safeguarding consumer interests.
Furthermore, SGR expressed its openness to engaging with stakeholders, including IPMAN, to foster a stable and sustainable fuel supply chain.
“We are committed to working together to create a fair, stable, and beneficial fuel distribution system for the Nigerian public,” the company stated.
This statement comes as discussions surrounding fuel pricing and distribution gain momentum, especially in the wake of Nigeria’s full deregulation of the petroleum downstream sector.
Marketers continue to cite foreign exchange instability, logistics challenges, and rising transport costs as key factors behind the increase in pump prices.
In closing, SGR reaffirmed its dedication to maintaining customer trust and delivering excellence in service, even amid the fluctuating economic climate.
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