Prices of Premium Motor Spirit, popularly called petrol have reportedly been reduced at some private depots.
According to him, the cost of fuel is set to come down in the coming weeks, given that more marketers including the independent markets would soon join the importation of the product.
He confirmed that some private depot owners were already cutting down the cost of the commodity, lower than the rate being sold by the NNPCL.
According to him, IPMAN was ready to compete with the NNPCL and major marketers to force down the cost of petrol nationwide.
He submitted that “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
“And, of course, I know that sooner than later, the price of petrol will be forced down, particularly once the products from marketers start hitting the country from next week. This is because market forces will now determine the price.
“It is not going to be solely imported by NNPCL again, for instance, this week, the private depots reduced their prices, different from what NNPCL is selling. So there is a reduction lower than what NNPC is selling.
“With time there will be healthy competition. We know major marketers are expecting products in weeks and we will compete with them when our products start coming. This will further reduce petrol prices.
“People are lamenting. The price was raised by over three times its previous cost, coupled with the economic crisis in the country. So the patronage has been very, very poor.”
Recall that last month, the Chief Executive, of Nigeria Midstream and Downstream Petroleum Regulatory Authority, Farouk Ahmed, said some newly licensed importers of petrol were expecting their cargoes in July.
“The market is open already, we have to follow the regulations. So we have rolled out user-friendly policies. 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.
“But NNPCL is also monitoring the replacements that they have. We agreed that NNPCL will continue to import until such a time when we have a critical mass of other importers,” Ahmed had stated in Abuja.