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Sunday, May 19, 2024

Petrol price to reduce in coming weeks – IPMAN

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) has revealed that prices of petrol (PMS) may reduce in coming weeks, as imports from marketers arrive in Nigeria.

The Secretary to IPMANm Abuja-Suleja, Mohammed Shuaibu, disclosed this on  Sunday while speaking on large consignments of Premium Motor Spirit imported by Major Oil Marketers Association of Nigeria and the Nigerian National Petroleum Company Limited (NNPCL) that are bid to arrive Nigeria in coming weeks

Shuaibu confirmed that some private depot owners were already cutting down the cost of the commodity, lower than the rate being sold by the NNPCL.

“The sector has been deregulated and, of course, if you have the power you will go and import. It is not going to be only the major marketers, independent marketers are also picking interest and there will be competition.

“The market is open already, we have to follow the regulations. So we have rolled out policies that are user-friendly. Some of them (marketers) have already started putting their applications in place. This is because we don’t want to create a gap.

“NNPCL is slowing down on their importation, so we have to have someone who is closing up on that gap that NNPCL is creating in order not to have a shortage in the country.”


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