Relief as petrol prices likely to reduce this week

By Nudoiba Ojen

Motorists and other users of petrol will heave a sigh of relief as there
are high hopes that filling stations operated by independent marketers will reduce their pump price of petrol this week.

Sources in the oil sector said that the development followed arrival at the ports of the PMS imported massively by the Nigerian National Petroleum Company Limited.

The insufficient supply of petrol had brought about acts of profiteering by both depot owners and filling stations.

The independent marketers hiked the pump price of the product in their filling stations from the official price to as high as N700 per litre in some locations, a situation which returned fuel queues to the NNPCL and few major marketers filling stationa which sell at the official rate.

The National Public Relations Officer, Independent Petroleum Marketers Association of Nigeria, Chief Ukadike Chinedu, who raised hopes of reduced petrol price, said, “Once the products start hitting filling stations, fuel price will reduce, because the recent high cost was due to supply drop”.

An oil marketer, who confirmed the position of IPMAN, said, “When you wet the market with products, there’ll be no room for profiteering.”

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