Fuel price reduction: ‘Joy’s coming’ – Manufacturers

Director General, Manufacturers Association of Nigeria, Segun Ajayi-Kadiri, sees the price of fuel coming down to N800.

Ekwutosblog reported recently that Dangote Petroleum Refinery slashed its ex-depot price for Premium Motor Spirit, PMS, also known as petrol, to N840 per litre.

The reduction represents a N40 decrease from the previous rate of N880 per litre.

This happened a few days after the Nigerian National Petroleum Company Limited, NNPCL, increased the pump price of petrolto N925 per litre in Lagos.

This decrease is also coming a week after Dangote Refinery increased the ex-depot petrol price to N880 per litre

Speaking in an interview with Channels Television, Ajayi-Kadiri said that it was a welcome development, adding that price of the product would further decrease to N800 with the modalities being put in place by Dangote Refineries.

“You cannot blame anyone for producing and ensuring effective delivery,” he said.

When asked to share his thoughts from a manufacturer’s point of view on what he sees about the long term effect, he added, “So if I may use what the Gen Z is called ‘Joy is coming’, that’s what I see.

“The long term is going to be better. I see the price coming down to 800 and that’s what manufacturers want.

“I just told you now that last year, we spent as much as 1.1 trillion in terms of providing alternatives, apart from the fact that even the quality of the products is not guaranteed.

“So in the near future, I continue to see continued reduction in the price of diesel.

“I also see a situation where other players will be encouraged to come into the field, because that is what it takes. I don’t think that we should use sentiment to dissuade any investor from improving the life and well being of the people.