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The Major Energy Marketers Association of Nigeria has rejected reports that the pump price of Premium Motor Spirit will plummet to ₦300/litre with the start of large-scale production by the Dangote Petroleum Refinery and other local refiners, including modular refinery operators.A recent report suggested that the pump price of PMS could drop to ₦300/litre.
“Why make Nigerians buy it at almost N700/litre when you know that if you allow refineries to work the price will come down? Is it because you want to satisfy the global refiners abroad that are making so much from us?”However, Tunji Oyebanji, former chairman of MEMAN and CEO of 11 Plc, disagrees with the claim.According to him, the price of petrol cannot drop as low as ₦700 per litre due to the high cost of crude oil, refining, transportation, finance, and distribution margins.
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