Oil marketers are expressing optimism about further reductions in petrol prices, currently ranging from N935 to N965 per litre nationwide.
This sentiment follows President Bola Ahmed Tinubu's decisive removal of fuel subsidies, a move aimed at averting a financial crisis and securing the economic future for upcoming generations.
The recent collaboration between Dangote Refinery and MRS filling stations has already resulted in a notable price drop, with petrol now selling at N935 per litre, down from N1,060.
In response, the Nigerian National Petroleum Company Limited (NNPCL) has adjusted its pump price to N965 per litre, intensifying competition in the market.
Billy Gillis-Harry, the national president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), expressed confidence that these price reductions are here to stay.
"N935 per litre of petrol between Dangote Refinery and MRS has come to stay. Same with NNPCL at N965 per litre. This will trickle down nationwide," he stated, adding that further reductions below N935 per litre could be expected in the coming days.
Chinedu Ukadike, spokesperson for the Independent Petroleum Marketers Association of Nigeria (IPMAN), highlighted the benefits of deregulation in the sector. "The petrol price reduction spree as witnessed between Dangote Refinery and NNPCL is the beauty of deregulation. It shows that price reduction is the key market strategy," he explained.
President Tinubu, during his first Presidential Media Chat in Lagos, reiterated his stance on subsidy removal, emphasizing the necessity of the reform. "We were spending our future. We were spending our generations’ fortunes; we were not investing. We were just deceiving ourselves. That reform is necessary," he asserted.
In light of these developments, PETROAN has called for a N100 billion intervention from the government to further reduce petrol prices. "This will, in no small measure, reduce the landing cost of PMS in our retail outlets," Gillis-Harry noted, also advocating for greater transparency in the crude-for-naira policy.
Comments