Group Chief Executive Officer, Nigerian National Petroleum Company Limited (NNPCL), Mallam Mele Kyari, has said that the price of Premium Motor Spirit, (PMS) otherwise called petrol or fuel will reduce as a result of competition that will follow the full deregulation of the downstream sector or the removal of petrol subsidy.
He spoke during an interview on Arise Television on Thursday.
According to him, the current increase in petrol pump prices will engender market competition and attract more oil marketing companies to invest in Nigeria.
“Prices in the market can go down at any time, and the market will adjust itself.’
“They will be a new entrance. Now that the market regulates itself, oil marketers can actually import products and take them into the market and sell it at their commercial price. You will see competition,” Kyari said.
