The pump price of Premium Motor Spirit (PMS), otherwise called petrol is expected to crash as major oil marketers are importing large consignments.
The fuel is expected to hit Nigeria next week, according to major and independent dealers and 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.
The development is said to have boosted the confidence of operators.
Meanwhile, the Independent Petroleum Marketers Association of Nigeria promised to compete with the Major Oil Marketers Association of Nigeria and the Nigerian National Petroleum Company Limited 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, said it will start coming this July.
“I will simply say between the second and third week of July,” he said.
Isong, however, explained that the NNPCL had made a lot of fuel imports, as some of its vessels were still on the way to Nigeria.
“Let me say that NNPCL has imported significantly to prevent the country from running dry. The vessels NNPCL imported are offshore Nigeria, so they have a significant volume, therefore in all circumstances the country will not run dry.
“So the options everybody has is that they can buy from NNPCL ex-depots or they can go and import from Europe or from other places. The assignment is that you compare your price if you buy from NNPCL or import from Europe.
“More or less, the taste of the pudding is in the eating. So do your calculation as the best as you can. But you will only know the full impact when the product is in your tank. If it goes right, it is then that you will know how competitive your price is. The more you do it, the more efficient you become,” Isong stated.
