Oil Marketers To Import Cheaper Products

The Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, has claimed that the price of premium motor spirit (PMS), also known as petrol, it intends to import will be cheaper than the current rate sold in the country.

This was made known in a statement signed by its National Public Relations Officer, Dr. Joseph Obele.

Obele said competition must be allowed in a deregulated environment.

He disclosed that the group had incorporated a business unit that would enable it to bring in petrol before December.

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It disputed the allegation by Dangote Refinery that the marketers intend to import substandard products at a cheaper rate, saying the claims were not surprising.

Meanwhile, reacting to allegations of blending substandard petrol near Dangote Refinery, Pinnacle Oil and Gas Limited has said it is not involved in blending substandard petroleum products.

Also, PETROAN disclosed that it was not aware of the cost of petrol from Dangote Refinery until the refinery released a press statement.

Obele stated: “Intensive or aggressive competition in any market brings the best value for money exchange for a commodity. Consumers get the best value for pricing when competition is at it’s peak, hence competition should be encouraged.

“Contrarily to competition, such a market will be exploitative and strictly for profiteering.

“The publication by Dangote refinery that PETROAN will import substandard petroleum products is not coming as a surprise to stakeholders, because such is his usual gimmick for maintaining a monopoly.

“PETROAN has concluded plans with her foreign refinery counterparts and financial partners to import the best quality of PMS and then sell far less than the present selling rate of PMS in Nigeria”.