Major Oil Marketers Association of Nigeria, MOMAN, yesterday assured Nigerians and civil society groups that pump price of premium motor spirit (PMS) otherwise called petrol will drop very soon.
Speaking to newsmen in Lagos, the Executive Secretary, Major Oil Marketers Association of Nigeria, MOMAN, Obafemi Olawore, stated that despite non availability of foreign exchange at official exchange rate of N197 to $1, major marketers are relying on their upstream divisions to get dollars to finance their imports.
According to him, “I’m assuring Nigerians that pump price of petrol will soon drop as against claims that it will rise above the present band. Price won’t go up as long as the Nigerian National Petroleum Corporation, NNPC, is bringing in products.
“Although, we are expected to source for dollars at the parallel market but the good news is that we are getting dollars from our upstream divisions.
“Shell supports Conoil, Agip to support Oando, ExxonMobil supports Mobil Oil Nigeria, Total supports Total Nigeria, MRS and Forte get support from NNPC,” he said.
However, he stated further that full deregulation is the answer to the challenges fuel scarcity in Nigeria.
“The solution to fuel scarcity is full deregulation. If there is no policy reversal, marketers will bring in products. The situation will encourage us to bring in more investment. We have invested in meters presently to ensure adequate metering.
“Others are doing their calculations in how to bring in investment in refineries and once we begin to refine domestically, it means we have attained full deregulation,” he said.
On allegations that marketers are making abnormal profit because they are selling old stock, he debunked the claims by stating that “announcement of new price would have been made on Saturday, 7th May, but it was discovered that marketers had plenty stock and would have made abnormal profit.
“So, the government waited for the majority of our members to sell most of their old stocks before announcing new pump price on Wednesday 11th May.
“We have not been making much profit like that, what we have been doing is to continue in business since our fixed costs are always being recovered,” he said.

READ ALSO  Demand for smartphones in emerging markets boosts worldwide sales