Subsidy: Petrol price will come down, says NNPC

“And that subsidy regime doesn’t have a guarantee of repayment back to the those who provide the product at subsidise 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.

“Competition will definitely come in and the market will regulate the prices itself. Therefore, this is just an instantaneous price and within a week or two, you will continue to see different prices because of different approaches from major players, companies have different approaches to it and competition will guide that. Ultimately, you’d see changes downwards and it is very likely because efficiency will come in.

On why fuel stations hiked their pump price when they still have in stock already subsidised products, the NNPL boss said “This is the reality of the market. It applies to every commodity and not just petroleum.”

Source: News Formal (newsformal.com)

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