Nigerian petroleum products marketers have reduced their
premium motor spirit pump price downwards to attract patronage.
It was observed on Friday that filling station owners in
Abuja reviewed their fuel price downwards by at least N10 per litre to compete
favourably in the country’s downstream oil and gas sector.
Major oil marketers such as Ranoil, Shafa, and AA Rano
filling stations in the nation’s capital, Abuja, now sell petrol at N900 per
litre, down from N910.
The spokesperson of the Independent Petroleum Marketers
Association, Chinedu Ukadike, described the development as a benefit of the
liberalisation of the oil and gas sector.
According to him, the era where the government determines
the price of PMS is gone; rather, it is the forces of demand and supply.
“Price modulation is no longer done by the government but by
demand and supply,” he said.
Recall that Ukadike said PMS price may nosedive down to N800
per litre.
The Nigerian National Petroleum Company Limited retail
outlets and Dangote Refinery partners such as MRS, AP Ardova, Optima, and Bovas
are currently dispensing fuel at between N875 to N895 per litre in Lagos and
Abuja.
According to market players in the oil and gas sector,
Dangote Refinery and NNPCL may announce another petrol price reduction after
the Eid-Al-Adha celebration to remain competitive.
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