adjusted pump priceKyari, during the interview, said the removal of the petrol subsidy would promote competition and regulate consumption, adding that the“The prices we are seeing today at our station are the current market price of the commodity. So, what this means is that prices in the market can go down at any time and of course, the market will adjust itself,” he said.
“The beauty of this is that there’ll be new entrance because oil marketing companies know the result of their reluctance to come into the market all along is the very fact that there’s a subsidiary regime that is in place, and that subsidiary regime doesn’t have the guarantee of repayment back to those who provide the product at subsidised prices.
“Now that the market regulates, oil marketing companies can import product, whatever if it is produced locally, they come by and take it into the market and sell it at a commercial price. “Therefore, you will see competition, even with NNPC, and by the way, by law NNPC cannot do more than 30 percent of the market going forward. As soon as the market stabilises, all markets as companies can come in, it means that even the requirement of energy security in the law indicates that you have to be able to have at least 30 percent of the stock in the country.“In a week or two, there will be changes downward, as competition will come in.
Source: News Formal (newsformal.com)
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