The Group Chief Executive Officer, of the Nigeria National
Petroleum Company Limited, NNPCL, Mr. Mele Kyari, has insisted that the
competition among major players in the oil sector would force down the current
price of Premium Motor Spirit, known better as petrol, across the country.
Kyari spoke on Thursday in an interview on Arise TV’s
Morning Show.
Recall that the recent increase in the petrol pump price
occasioned by the discontinuance of petroleum subsidy saw queues return to fuel
stations across Nigeria this week.
The NNPC had on Wednesday said it had adjusted the pump
price of petrol to reflect the market realities.
Several retail outlets sold the product between 550 and N800
in Abuja, Lagos, Ogun and some other states across the federation.
But Kyari believes the removal of subsidies would create new
entrants into the market and aid competition, and phase out monopolies.
Kyari said, “The beauty of this fuel subsidy removal is that
there will be new entrants [into the market] because oil marketing companies’
reluctance to come into the market all along is the very fact of the subsidy
regime that is in place.
“As soon as competition comes in, people will become more
efficient in their depots, in managing their trucks and in managing their fuel
stations so that people can come to their stations. And it is showing already,
right now, you will see motorists going to stations where they can have price
differences, so this will regulate the market and on its own, the price will
come down naturally and I don’t see any doubt about this.”
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