Large consignments of Premium Motor Spirit, popularly called petrol, being imported by major oil marketers, are to hit Nigeria from next week and may force down the price of the commodity, both major and independent dealers stated on Sunday.
It was also gathered that crude oil refiners were currently releasing refined petroleum products on credit to dealers from Nigeria, following the recent unification of the country’s exchange, which boosted the confidence of operators.
At the time, oil marketers explained that the NNPCL was accessing the dollar at a lower rate, which was unfair and did not support PMS importation by other dealers. 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. “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.
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