Oil marketers have stated that Nigerians will soon heave a sigh of relief as the pump price of petrol, will drastically reduce due to the continuation of crude and refined product sales in the naira initiative by the Federal Government.
They also stated that a major player in the sector, Dangote Refinery, is anticipated to lower its petrol loading costs by the end of this week, further contributing to the reduction in fuel prices.
The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, reassured the public of the forthcoming price drop while commenting on the Federal Executive Council’s directive regarding the naira-for-crude agreement.
The official, however, couldn’t project the expected amount as the price at which the government will sell its products remains unclear.