The pump price of Premium Motor Spirit (PMS), otherwise called petrol, is expected to crash as major oil marketers are importing large consignments.
According to major and independent dealers, the fuel is expected to hit Nigeria next week. The development is said to have boosted the confidence of operators as industry observers say this may force down the price of the commodity.
Also, crude oil refiners were currently releasing refined petroleum products on credit to dealers from Nigeria. This is due to the recent unification of the country’s exchange.
Meanwhile, the Independent Petroleum Marketers Association of Nigeria, (IPMAN) promised to compete with the Major Oil Marketers Association of Nigeria and the Nigerian National Petroleum Company Limited, (NNPCL) on the importation of petrol. According to them, this will also crash the cost of PMS.
Regarding when Nigerians should expect products being imported by major marketers, the Executive Secretary of the Major Oil Marketers Association of Nigeria, Clement Isong, explained that the NNPCL had made a lot of fuel imports, as some of its vessels were still on the way to Nigeria, adding that it will start coming this July.
“I will simply say between the second and third week of July”, he said.
