The Managing Director of Financial Derivatives Company Limited, Bismarck Rewane, has said the price of Premium Motor Spirit (PMS), popularly called fuel, would continue to decline until June.......CONTINUE READING THE ARTICLE FROM THE SOURCE>>>>>
Rewane said after June, market forces, global oil and currency series of events would stabilize the price.
In an interview with Channels TV on Tuesday, the financial expert said, “So, generally between now and June, we will see prices begin to decline. But after June as things stabilize, depending on what happens in the global oil and currency market, we might begin to see some stabilisation.”
Naija News reported that Nigeria National Petroleum Company Limited (NNPCL) and Dangote Refinery have engaged in what seemed like a price war in recent times.
The Dangote Refinery recently reduced its gantry price from ₦890 to ₦825 per litre. The refinery also promised to refund customers who bought fuel at higher prices from its key partners.
On its part, NNPCL also crashed its price from ₦920 to ₦875. Rewane noted that the price war was to the advantage of Nigerian consumers.
“In a price war, nobody wins, the consumers win in the short run then eventually the market goes back to where it should be. But, at the end of the day, between now and June, the price leadership will be firmly established,” he stated.