MARKETERS PUSH ₦800/L PETROL, SEEK IMPORT LICENCES

Petroleum marketers have proposed a reduction in the pump price of petrol to about ₦800 per litre while urging the Federal Government to grant more import licences to qualified operators.

According to industry stakeholders, expanding access to import licences would increase competition in the downstream petroleum sector, improve product availability, and help drive down retail prices.

The marketers argued that a more competitive market could reduce supply bottlenecks and provide consumers with greater price stability, particularly as global crude oil prices and foreign exchange conditions continue to influence domestic fuel costs.

They also called for policies that promote a level playing field for all participants in the downstream sector, stressing that broader participation could strengthen Nigeria’s fuel supply chain.

Energy analysts noted that petrol prices are influenced by several factors, including international crude oil prices, exchange rates, shipping costs, import expenses, taxes, and distribution logistics.

Experts added that sustained competition, improved infrastructure, and stable economic policies would be essential to achieving long-term reductions in fuel prices.

The proposal comes amid ongoing discussions on energy sector reforms aimed at improving efficiency, attracting investment, and ensuring a reliable supply of petroleum products nationwide.

Stakeholders urged the government to continue engaging industry participants to develop policies that balance consumer affordability with the commercial sustainability of fuel marketers.

The Federal Government is expected to continue reviewing developments in the downstream sector as it implements measures to enhance market efficiency and energy security.

Observers believe that decisions on import licensing and market competition will play a significant role in shaping petrol pricing and availability in the months ahead.