Independent petroleum marketers have called for the restoration of petrol importation rights, saying increased competition could push the price of Premium Motor Spirit below N800 per litre.
The demand followed a Federal Government meeting with major players in Nigeria’s downstream petroleum sector to discuss the high cost of petrol despite a decline in international crude oil prices.
The meeting, held at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority in Abuja, brought together representatives of the Dangote Petroleum Refinery, independent marketers, major oil companies and other industry stakeholders.
National President of the Independent Petroleum Marketers Association of Nigeria, Abubakar Maigandi, said allowing marketers to import fuel when necessary would encourage competition and put downward pressure on prices.
He also urged the government to support local refineries, particularly the Dangote refinery, while allowing marketers to purchase products directly.
According to Maigandi, petrol prices have already begun declining across the country, with independent marketers reducing prices by about N125 per litre.
He expressed optimism that petrol could sell below N800 per litre if supply improves and marketers are able to access products at more competitive prices.
Minister of State for Petroleum Resources, Heineken Lokpobiri, said the government was concerned that domestic petrol prices had not fallen in line with the reduction in global crude oil prices.
He added that the government had asked industry operators to develop practical measures that could lead to lower petrol prices for Nigerian consumers.
