Nigeria’s oil marketers are upbeat on a further petrol price cut from between N935 and N965 per litre nationwide.

This came amid President Bola Ahmed Tinubu’s insistence that he has no regrets removing the fuel subsidy.

Newsmen gathered on Monday that MRS filling stations and the Nigerian National Petroleum Company Limited sell petrol at N935 and N965 per litre across retail outlets in the Federal Capital Territory, Abuja.

Dangote Refinery had at the weekend announced that it has partnered with MRS filling stations to sell its petrol at N935 from N1,060 per litre.

Reacting to Dangote’s price reduction, NNPCL slashed its pump price from N1,040 per litre to N965.

Checks by Newsmen gathered that while NNPCL filling stations in Kubwa Expressway now sell fuel at N965, MRS retail outlets around the same location sell at N935.

The development resulted in a price war and competition between Dangote Refinery and NNPCL on the PMS price template.

Further fuel price cut imminent — PETROAN, IPMAN

Reacting to the development in a statement on Monday, the national president of the Petroleum Products Retail Outlets Owners Association of Nigeria, Billy Gillis-Harry, and the spokesperson of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, were optimistic about further petrol price cuts amid competition.

On his part, Gillis-Harry said petrol price reduction in MRS and NNPCL retail outlets has come to stay and would trickle down nationwide.

“N935 per litre of petrol between Dangote Refinery and MRS has come to stay. Same with NNPCL at N965 per litre.

“This will trickle down nationwide. In the coming days, the price of petrol may reduce below N935 per litre,” he stated.

Ukadike explained that the petrol price reduction currently being witnessed in the oil and gas sector is the beauty of deregulation.

According to him, petrol price cuts have become a key market strategy for players like Dangote Refinery and NNPCL to stay afloat.

“The petrol price reduction spree as witnessed between Dangote Refinery and NNPCL is the beauty of deregulation. It shows that price reduction is the key market strategy.

“The forces of demand and supply will continue to determine the prices of petrol.

“We are expected to see more price reduction in the coming days as market forces remain key in the deregulated petroleum sector,” he told Newsmen.

No regrets on fuel subsidy removal – Tinubu

Meanwhile, while speaking in his first Presidential Media Chat on Monday in Lagos, President Tinubu reiterated that he has no regrets removing fuel subsidy.

Recall that in May 2023, President Tinubu’s fuel subsidy removal policy shut up the price of the product from N238 per litre to over N935 per litre today.

Tinubu said removing petrol subsidies was in a bid to save generations to come, noting that the country was already spending its future while giving freebies to neighbouring countries.

He also faulted the phased fuel subsidy removal policy, saying the nation was headed for financial disaster.

“What contingency? We were spending our future. We were spending our generations’ fortunes; we were not investing. We were just deceiving ourselves. That reform is necessary.

“I could see the smugglers fighting back; that doesn’t affect me. It affects smuggling. Why should you have expenditures that you don’t have revenue for?

“I don’t want to question people who have acquired limousine kinds of vehicles on the road. We should teach management in all our programs. We have to manage our resources within our means,” he stated.

He added that, “Phased removal is part of unnecessary fear. No matter how you cut it, you still have to meet the bills. So, cut your coat strictly to your size.

“Management is the issue, and we have no choice but to pull the handbrakes; otherwise, we are headed for slippery slopes and in such financial disaster, not just for us, but for our children and grandchildren. Where is the pathway for prosperity?”

PETROAN, IPMAN speak on way forward

Reacting to President Tinubu’s media chat, Billis-Harry said that the president should look into its N100 billion intervention request to further cut down on the prices of petrol nationwide.

“PETROAN has written to the president for a N100 billion intervention to further cut down on the price of PMS for Nigerians. We hope that the president will look to it.

“This will, in no small measure, reduce the landing cost of PMS in our retail outlets,” he said.

He added that crude-for-naira policy implementation should be more transparent.

“Besides, the crude-for-naira policy should be more transparently implemented.

“Also, the government should double up in its implementation of the CNG Initiative,” he further told Newsmen.

Ukadike said IPMAN supports all policies by the Tinubu-led government that would bring succour to the hardship Nigerians are facing.

“Any policy that would lead to petrol price reduction will be supported by marketers,” he said.