Major Oil Marketers React To New Petrol Price, Speak On Its Effects

The Major Oil Marketers Association of Nigeria (MOMAN) said the deregulation of the sale of Premium Motor Spirit (PMS) ), popularly known as petrol, will create many opportunities for Nigerians.

Brandnewsday gathers that the Chairman, Tunji Oyebanji made this known in a statement on Friday, adding that the removal of fuel subsidy will be beneficial in the long run.

Oyebanji who stated that even if this (fuel price) is coming in a time where many Nigerians are facing a hard time, also predicted more jobs and investments in the oil sector.

Oil Marketers React To New Petrol Price

Recall that the increment of petrol ex-depot price of N151.56k for PMS against the N138.62k has seen pump price go up to between N160 and N163 per litre.

“As things stand, we are into full deregulation. This is coming at a time most of our citizens are struggling with difficulties created within the context of the Post-COVID-19 economy.”

READ: Fuel Price: Start Selling Petrol Now At N162 Per Litre—IPMAN

He said Nigeria now has the opportunity to get it right by rebuilding the economy.

“We welcome government’s action in allowing the market to determine prices as we believe it will prevent the return of subsidies while allowing operators the opportunity to recover their costs,” he said.

Oyebanji added with deregulation, prices would go up and down depending on the market forces.