Group Chief Executive Officer of Nigerian National Petroleum Company Limited, NNPCL, Mele Kyari, has assured Nigerians that the present high cost of petrol will crash in no distant time, allaying the fears of Nigerians about the development.
The NNPC boss said competition among major players in the oil sector will force down the price of the product, against the upward trends that had caused panic in the country. He said the removal of the subsidy will ensure healthy competition, which would ultimately lead to a downward review of pump prices of petrol across the country.
Kyari’s words: “The beauty of this (subsidy removal) is that there will be new entrants (into the market) because oil marketing companies’ reluctance to come into the market all along is the very fact of the subsidy regime that is in place”.
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