The pump price of petrol in Nigeria is expected to decrease as major oil marketers import large quantities of fuel.
These imports are set to arrive in Nigeria next week, potentially leading to a decrease in fuel prices.
Additionally, crude oil refiners are providing refined petroleum products on credit to Nigerian dealers, which has boosted the confidence of operators in the industry.
The Independent Petroleum Marketers Association of Nigeria has also pledged to compete with major oil marketers and the Nigerian National Petroleum Company Limited in importing petrol, further contributing to a potential decrease in the cost of fuel.
The Executive Secretary of the Major Oil Marketers Association of Nigeria, Clement Isong, stated that the imported products are expected to start arriving in July.
He also assured that the country will not run out of fuel as the Nigerian National Petroleum Company Limited has made significant fuel imports and has vessels en route to Nigeria.
Overall, the impact on fuel prices will be determined once the imported products are in consumers’ tanks.