Marketers Assure Of Decrease In Pump Price Soon

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Major Oil Marketers Association of Nigeria, MOMAN, yesterday assured Nigerians that pump price of Premium Motor Spirit, PMS, otherwise called petrol, will drop very soon.

Executive Secretary of the association, Mr. Obafemi Olawore, stated this while addressing newsmen in Lagos.

According to Olawore, despite non availability of foreign exchange at official exchange rate of N197 to $1, major marketers are relying on their upstream divisions to get dollars to finance their imports.

“I’m assuring Nigerians that pump price of petrol will soon drop as against claims that it will rise above the present band.

“Price won’t go up as long as the Nigerian National Petroleum Corporation, NNPC, is bringing in products.

“Although, we are expected to source for dollars at the parallel market, but the good news is that we are getting dollars from our upstream divisions.

“Shell supports Conoil, Agip to support Oando, ExxonMobil supports Mobil Oil Nigeria, Total supports Total Nigeria, MRS and Forte get support from NNPC,” he said.

The executive secretary, however, said further that full deregulation was the answer to the challenges of fuel scarcity in Nigeria.

Major Oil Marketers Association of Nigeria, MOMAN, yesterday assured Nigerians that pump price of Premium Motor Spirit, PMS, otherwise called petrol, will drop very soon.

Executive Secretary of the association, Mr. Obafemi Olawore, stated this while addressing newsmen in Lagos.

According to Olawore, despite non availability of foreign exchange at official exchange rate of N197 to $1, major marketers are relying on their upstream divisions to get dollars to finance their imports.

“I’m assuring Nigerians that pump price of petrol will soon drop as against claims that it will rise above the present band.

“Price won’t go up as long as the Nigerian National Petroleum Corporation, NNPC, is bringing in products.

“Although, we are expected to source for dollars at the parallel market, but the good news is that we are getting dollars from our upstream divisions.

“Shell supports Conoil, Agip to support Oando, ExxonMobil supports Mobil Oil Nigeria, Total supports Total Nigeria, MRS and Forte get support from NNPC,” he said.

The executive secretary, however, said further that full deregulation was the answer to the challenges of fuel scarcity in Nigeria.

 

(Today)

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