Marketers urge greater competition as FG, Dangote Refinery and industry players meet over high fuel prices.
Independent petroleum marketers have called on the Federal Government to restore petrol import licences, arguing that increased competition could drive the pump price of Premium Motor Spirit (PMS) below ₦800 per litre.
The appeal came on Monday during a stakeholders’ meeting convened by the Federal Government at the headquarters of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in Abuja to address the disconnect between falling global crude oil prices and the relatively high cost of petrol in Nigeria.
The meeting focused on achieving cost-reflective pricing for PMS and brought together representatives of the Dangote Petroleum Refinery, the Federal Competition and Consumer Protection Commission (FCCPC), the Independent Petroleum Marketers Association of Nigeria (IPMAN), the Major Energy Marketers Association of Nigeria (MEMAN), the Nigerian Association of Road Transport Owners (NARTO), TotalEnergies, Eterna Plc, Matrix Energy Group and officials of the NMDPRA.
The marketers maintained that restoring import licences would boost competition, improve supply and ultimately reduce petrol prices for Nigerian consumers.