Oil marketers exploring options to reduce fuel price – MOMAN chairman, Adeosun

The Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), Olu Adeosun, has stated that oil marketers are considering possibilities of bringing down the cost of petrol in the country.

Recall that the price of Premium Motor Spirit (PMS), also known as petrol, increased to over N500 per litre, from N189 per litre.

The increase was driven by the removal of fuel subsidy by President Bola Tinubu. This led to the complete deregulation of the oil industry, as market forces now determine the price.

While the oil marketers are still weighing up options to reduce the pump price, Adeosun backed the oil and foreign exchange policies of President Tinubu.

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Adeosun said the removal of fuel subsidy and the unification of the multiple foreign exchange rates have prospects and in the long term, the negative effect of the policies will end.

“I believe that in the long-term, the prospects are there; the pain we are going through now over fuel subsidy removal, FX unification, will not last.,” he said on Thursday during an interview with Channels TV.

Although the oil marketer said there are still some other issues that Tinubu needs to resolve to boost Nigeria’s growth, “Hopefully, we would get crude productivity up, deal with the issue of insecurity and other big fundamental issues that are holding Nigeria back,” Adeosun said.

He went on to state that the policies will benefit Nigerians in the long term, as deregulation encourages healthy competition, considering the pursuit of high topline and bottom line by oil companies will lead to the adoption of various methods to attract more customers than their rivals.

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