Nigerian National Petroleum Company Limited Retail has said that the deregulation of Nigeria's oil and gas sector will drive ex-depot prices for the recently revived Port Harcourt and Dangote Refineries Premium Motor Spirit (Petrol) below the current N1030 and N970 per litre.

Prof. Billy Okoye, the former managing director of Nigerian National Petroleum Company Limited Retail has said that the deregulation of Nigeria's oil and gas sector will drive ex-depot prices for the recently revived Port Harcourt and Dangote Refineries Premium Motor Spirit (Petrol) below the current N1030 and N970 per litre. 

In an interview with the Daily Post Okoye made this statement during a gathering hosted by PETROAN, the Petroleum Products Retail Outlet Owners Association. 

He claims that President Bola Ahmed Tinubu's May 2023 statement regarding the elimination of petrol subsidies laid the stage for the complete deregulation of the oil sector. 

The former NNPC boss clarified that the full execution of deregulation, in which prices were set by market forces, had been signaled by the opening of the Dangote and Port Harcourt refineries.

 He emphasized that Nigeria's PMS prices would plummet if the domestic refinery is put into operation. 

Okoye stated that NNPCL and Dangote Refinery are not engaged in a price war. 

He added that both refineries' activities were beneficial to Nigerians because the prices of petroleum goods will soon plummet. 

“So it’s a good thing for Nigeria. And I tell you that within the shortest possible time, the price of petroleum products will crash. This is exactly what happened with the SIM card. 

“Before, SIM cards were N5,000, N30,000. Today, with the competition, SIM cards are almost free now.

 “So with this competition in this industry, Dangote Refinery coming up, modular refineries will also start producing PMS, and with all the NNPC refineries coming on board now, you find out that the price is going to crash and Nigerians will start to enjoy,” he told DAILY POST.

 Meanwhile, Nigerians currently buy PMS between N1060 and N1,115 across filling stations in Nigeria. 

SUNGIST reported that the Petroleum Products Retail Outlet Owners Association of Nigeria(PETROAN) have dismissed recent reports claiming that the Port Harcourt Refinery is already selling petrol to marketers for a price above N1,000 per litre.

 In a statement, Billy Gillis-Harry, the National President of PETROAN, noted that NNPCL has not yet released petrol from the refinery for marketers to buy. 

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