As the Federal Government ordered the return of the Naira-for-Crude policy, the Independent Petroleum Marketers Association of Nigeria has warned marketers and importers against the losses that may follow any sudden price cut.
This is even as some independent marketers dropped the price of Premium Motor Spirit to 899 Naira per litre across its filling stations in Ogun State.
Speaking to newsmen, the National Vice President of the Independent Petroleum Marketers Association of Nigeria, Hammed Fashola, advised fellow marketers and importers to play safe while making purchases because there could be sudden price slashes by Dangote, the Nigerian National Petroleum Company Limited, or other major players in the sector.
Reports say following the return of the Naira-for-Crude deal by the Federal Government, the Dangote Refinery dropped its ex-depot petrol price to 865 Naira, signalling the beginning of another round of price competition in the downstream sector.