Create fair market conditions - Oil marketer tells NNPCL

The Managing Director and Chief Executive Officer of Petrocam Trading Nigeria Limited, Patrick Ilo, has called on the Nigerian National Petroleum Company Limited to improve its pricing strategies to create an equitable and competitive business environment.

Ilo made the call during the opening of Petrocam’s 45th mega station in Lagos/Ibadan Express Way, Ogun State, recently.

He urged the government to ensure a fair playing field, expressing concern over NNPCL’s lack of transparency in pricing commodities.

He emphasised the need for minimal price differences between commodities A and B in a transparent market and called for clarity on NNPCL’s pricing practices.

He said, “The demand for improvement underscores the escalating concerns surrounding market dynamics and competitiveness.”

Ilo highlighted the need for the government to refrain from engaging in activities that could undermine the private sector, emphasising the importance of obtaining funding from banks and maintaining a positive financial outcome.

According to the Petrocam boss, the government’s primary role is regulation.

He cautioned against government agencies getting involved in business ventures, as any losses incurred could have far-reaching consequences for everyone.

He advocated for the government to take on a regulatory role, emphasizing the importance of refraining from direct involvement in business activities.

Ilo noted that the Federal Government’s decision to remove VAT on LPG and customs duty on imported LPG was still a policy statement awaiting implementation.

He expressed hope for its realisation and emphasised that the price of PMS may change based on international market conditions.

Also, the Chief Operating Officer of Petrocam Trading Nigeria Limited, Eyo Oghogho, mentioned that the firm decided to open its 45th station along Lagos-Ibadan Expressway due to the increased at the location.

“Currently, we have five additional mega stations in development, and if there were more days in the year, they would have been operational by now. Before the year ends, we plan to inaugurate a station in Ojo, Oyo State, and the remaining ones in January. This will bring our total retail outlets to 50 by the end of January, and it is worth noting that all our stations are powered by solar energy,” Oghogho said.