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Says Petrol price will come down very soon
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Removal of subsidy would aid competition and phase out monopoly.
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NNPC cannot do more than 30 per cent
Eko Hot Blog reports that the Group Chief Executive Officer of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, says the competition among major players in the oil sector would force down the current price of petrol across the country.
Kyari stated this during an interview on Arise TV’s Morning Show, monitored by our correspondent.
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Recall that the recent increase in fuel price occasioned by the discontinuance of 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 488 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.
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“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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