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BREAKING NEWS: POPULAR GOSPEL ARTIST MISTAKENLY SHARES NVDE V!DEO MEANT FOR HER BOYFRIEND IN CHURCH WHATSAPP GROUP.MAJOR oil marketers in the country believe that the petrol price could go below N900 if the Nigerian exchange rate stabilises and naira sustain current gains against the United States dollar. ...READ THE FULL STORY FROM SOURCE ...READ THE FULL STORY FROM SOURCE
The gains are largely from the appreciation in Nigeria’s foreign reserve currently at over $42 billion, due largely to improved local petroleum refining occasioned by coming on stream of Dangote Refinery and the rehabilitation of Portharcourt Refinery.
As a result, the marketers expressed optimism that the price slash of petrol could go further down with stable exchange rate in the country and sustained strengthening of the naira against the dollar.
“The downward trend in the price is as a result of the impact of exchange rate stability in the past few days. The naira is currently strengthening against the dollar and that’s having huge impact on the price of petroleum products,” the public relations officer of the Independent Petroleum Marketers of Nigeria (IPMAN), Chinedu Ukadike, told The ICIR
He stressed that since monopoly is gradually being phased out in the market, competition will continue to drive down the price below N900, with marketers sourcing products from various channels currently.
“If you look closely, marketers are now sourcing petroleum products from different channels. The Portharcourt Refinery is working, Dangote is working, other modular refineries are working giving marketers choices in the market to compete. These are factors that drives down prices,” he added.
Already, checks by The ICIR has shown retailers have started reducing there pump price.
Commenting further on the development, the national president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), Billy Gillis-Harry, told The ICIR that the association members are already slashing their price even before Dangote’s announcements.
He said, “in Abuja here, many of our filling stations retail outlets are selling below N1,000. Go to Rain Oil, Emadeb and even NIPCO, the prices are coming down.
“We believe that competition is healthy for the market and good for our business,” he noted.
The ICIR reported that Dangote Petroleum Refinery slashed the ex-pump price of its petrol to N899.50 per litre, from N970 per litre.
According to the refinery, the slash in price was expected to provide much-needed relief for Nigerians ahead of the holiday season.
In his statement, the Chief Branding and Communications Officer of Dangote Group, Anthony Chiejina, stated, “To alleviate transport costs during this holiday season, Dangote Refinery is offering a holiday discount on PMS.BREAKING NEWS: POPULAR GOSPEL ARTIST MISTAKENLY SHARES NVDE V!DEO MEANT FOR HER BOYFRIEND IN CHURCH WHATSAPP GROUP.
From today, our petrol will be available at N899.50 per litre at our truck loading gantry or SPM.Tap to read the full story here.Tap to read the full story here.
