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Oil Sector Fuel price will soon reduce- Marketers

The assurance was given by MOMAN Executive Secretary, Obafemi Olawore, while speaking to journalists in Lagos on Tuesday, May 24, 2016.

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Motorists queue to buy petrol at a fuel station in Ahaoda in Nigeria's oil state in the Delta region, December 6, 2012. play Motorists queue to buy petrol at a fuel station in Ahaoda in Nigeria's oil state in the Delta region, December 6, 2012. (REUTERS/Akintunde Akinleye/File Photo)
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The Major Oil Marketers Association of Nigeria (MOMAN) has said that the price of petrol will drop soon.

The assurance was given by MOMAN Executive Secretary, Obafemi Olawore, while speaking to journalists in Lagos on Tuesday, May 24, 2016.

“I’m assuring Nigerians that pump price of petrol will soon drop as against claims that it will rise above the present band,” he said according to Leadership.

“Price won’t go up as long as the Nigerian National Petroleum Corporation (NNPC) is bringing in products.

“Although, we are expected to source for dollars at the parallel market but the good news is that we are getting dollars from our upstream divisions.

“The solution to fuel scarcity is full deregulation. If there is no policy reversal, marketers will bring in products. The situation will encourage us to bring in more investment. We have invested in meters presently to ensure adequate metering,” he added.

Olawore also said that the government delayed the announcement of the new petrol price from May 7 to May 11 to ensure that marketers didn’t make profit at the expense of citizens.

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