Fuel prices are set to drop as Independent Marketers Fuel Vessel arrives next week, bringing competition against NNPC high petrol prices.
The pump price of Premium Motor Spirit (PMS), also known as gasoline, is likely to fall as big oil marketers import massive quantities.
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According to large and independent retailers, the fuel will arrive in Nigeria next week and this may cause the commodity’s price to fall.
Furthermore, crude oil refiners were currently releasing refined petroleum products on credit to Nigerian dealers. This is because the country’s exchange has recently been unified.
The development is reported to have increased operator confidence.
Meanwhile, the Independent Petroleum Marketers Association of Nigeria has pledged to compete with the Major Oil Marketers Association of Nigeria and the Nigerian National Petroleum Corporation Ltd (NNPC) on the importation of fuel.
According to them, this will also drive down the price of PMS. Clement Isong, Executive Secretary of the Major Oil Marketers Association of Nigeria, stated that products imported by major marketers will begin arriving in Nigeria in July.
Isong, on the other hand, noted that the NNPC had undertaken several fuel imports because some of its vessels were still on their way to Nigeria.
Let me state unequivocally that NNPC has imported significantly in order to keep the country from running dry.
The boats bought by NNPC are located offshore Nigeria and have a substantial volume, ensuring that the country will not run dry under any circumstances.
So everyone has the option of purchasing from NNPC ex-depots or importing from Europe or other places. The task is to compare your costs if you buy from NNPC or import from Europe.
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The taste of the pudding is in the eating, more or less. So perform your calculations to the best of your ability. However, you won’t know the entire impact until the product is in your tank.
If everything goes well, you’ll know how competitive your price is. The more you do it, the better you get, Isong said.
