Oil marketers under the aegis of the Major Energy Marketers Association of Nigeria (MEMAN) have stated why the pump price of petrol cannot drop to N300 per litre.

The marketers disclosed this in response to rumours that the pump price of Premium Motor Spirit will drop to about ₦300 per litre upon the commencement of massive production by the Dangote Petroleum Refinery and other indigenous producers and operators of refineries.

According to MEMAN, the aforementioned price can only be achieved when the federal government ensures the provision of adequate crude oil to local refiners.

The body also added that refineries abroad were ripping off Nigeria.

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“A lot of companies today benefit from the importation of petroleum products at the expense of Nigerians,” Eche Idoko, the Publicity Secretary, the Crude Oil Refinery Owners Association of Nigeria (CORAN), told Channels.

“If we begin to produce PMS today in large volumes, provided there is adequate crude oil supply, I can assure you that we should be able to buy PMS at N300/litre as the pump price.

“Why make Nigerians buy it at almost N700/litre when you know that if you allow refineries to work the price will come down? Is it because you want to satisfy the global refiners abroad that are making so much from us?” he queried.

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