The ongoing price war in Nigeria’s downstream oil sector has resulted in significant reductions in the purchase volume of Premium Motor Spirit (PMS), commonly referred to as petrol, by oil marketers. This development comes as marketers face mounting financial losses due to continual price drops in the sector.
The competitive pricing struggle primarily involves the Dangote Petroleum Refinery and the Nigerian National Petroleum Corporation Limited (NNPCL). The ongoing price fluctuations have created a challenging environment for marketers, prompting a cautious approach to purchasing fuel stock amid the volatile market conditions.
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