Oil Dealers have said the pump price of Premium Motor Spirit (PMS), popularly called petrol, may be reduced in filling stations operated by independent marketers this week, following the massive imports of PMS by the Nigerian National Petroleum Company Limited (NNPCL).
Operators in the downstream oil sector confirmed to newsmen, Weekend, that several cargoes imported by NNPCL had arrived in Nigeria, and some of them were currently discharging at the ports.
The National Public Relations Officer of, the Independent Petroleum Marketers Association (IPMAN), Chief Ukadike Chinedu, who noted that the large PMS import was confirmed to marketers by NNPCL said, “Once the products start hitting filling stations, fuel prices will reduce because the recent high cost was due to supply drop.
“By Monday (today), we will start receiving from Port Harcourt and Warri, based on my last discussion with the NNPC management”.
It was gathered that the recent hike in petrol prices at retail outlets operated by independent marketers was due to the short supply of the commodity, which led to acts of profiteering by both depot owners and filling stations.
But going by the latest development concerning the imports by NNPCL, operators in the sector stated that the queues would not only disappear but there would also be a reduction in price at independent filling stations.
Chinedu said, “The most important thing now is that cargoes carrying PMS ordered by NNPCL have arrived. Some of them have berthed and they are discharging. So, the partial scarcity we are experiencing now will be gone”.
He noted that the inflow of foreign exchange during the Yuletide would not necessarily impact petrol prices, rather the increased imports by NNPCL should warrant a reduction in price.
Another major marketer also confirmed the position of IPMAN, stating that “when you wet the market with products, there’ll be no room for profiteering”.
Earlier, the Chief Corporate Communications Officer, of NNPCL, Olufemi Soneye, stated that the position of oil marketers as regards the re-emergence of fuel queues was not true, as he insisted that the oil firm had enough products.
“That is not true. The recent tightness in Abuja is essentially a price war which is typical of any competitive market. Motorists would rather queue at filling stations that offer lower prices than others.
“While NNPC retail is selling at N613/litre in Abuja, other marketers’ prices range from N625-N650/litre”, Soneye said.
Source- Tide Newspaper.