The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL) Mele Kyari has said market competition will lead to reduction of petrol pump price, especially now that fuel subsidy has been removed.
The Group Chief Executive Officer of NNPCL, Mele Kyari, stated this yesterday during an interview with Arise TV. Recall that on Wednesday NNPCL adjusted the pump price in Lagos state to N488 and over N500 in other states.
He however stated that the competition in the market would lead to a reduction in the price of petrol across Nigeria. Mele Kyari, “Subsidy regime doesn’t have a guarantee of repayment back to those who provide the product at subsidize price and now that the market is being regulated, oil marketing companies can actually import product or even if it is produced locally, they can buy and take it into the market and sell it at its retail price.
“Therefore, you will see competition, even with NNPCL. And by the way, by law, NNPCL cannot do more than 30 per cent of the market going forward. As soon as the market stabilises, oil marketing companies are able to come in.” ”. -DAILY TRUST
