The Major Energy Marketers Association of Nigeria (MEMAN), which represents oil marketers, has highlighted the reasons why the price of gasoline at the pump cannot decrease below N300 a litre.
The marketers stated in reaction to rumors that the Dangote Petroleum Refinery and other indigenous producers and refinery operators will begin significant production and lower the pump price of Premium Motor Spirit to approximately N300 per litre.
TimesNow.com.ng earlier reported that refinery owners, under the aegis of the Crude Oil Refinery Owners Association of Nigeria (CORAN), explained that providing enough crude oil to local refiners would crash the price of petrol. They added that foreign refineries were cheating Nigeria.
CORAN stated that, like diesel prices, which sold for N1,700 before Dangote began production but later crashed to N1,200, the cost of petrol will crash when mass production begins, The sun reported.
Commenting on the development, MEMAN said the N300 price can only be attained if the federal government guarantees that local refiners will have access to sufficient crude oil.
The group also accused foreign refineries of taking advantage of Nigeria.
Eche Idoko, the publicity secretary of the Crude Oil Refinery Owners Association of Nigeria (CORAN), also said:
TimesNow.com.ng reported that some filling stations across Nigeria have commenced the sale of Compressed Natural Gas (CNG) fuel, which is seen as a viable alternative to Premium Motor Spirit, also known as petrol.
CNG is a fuel gas under pressure that remains clear, odourless and non-corrosive.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) recently ordered all filling stations across the country to commence selling CNG.
Proofreading by James Ojo Adakole, journalist and copy editor at TimesNow.com.ng.
Source: TimesNow.com.ng
