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Business News of Thursday, 9 February 2023


Fuel stations adjust pump price to N195/litre

Fuel pump Fuel pump

In its bid to accelerate petrol retail services across its 54 stations across the country, Mainland Oil and Gas Company Limited has partnered with the state oil firm, the Nigerian National Petroleum Company Limited and has slashed petrol price to N195 per litre.

The Managing Director of the company, Dr Chris Igwe, stated that the company has remained steadfast to regulatory compliance on pricing in line with its commitment to partnering with the Nigerian National Petroleum Company Limited in taming price distortions in the domestic energy market.

He said the domestic fuel market required disciplined players who must stick to existing regulations on sustainable supply, reliable services and stable prices.

He explained that Mainland Oil valued its unwavering reputation in disciplined and responsible operations above the temporary jump in margins.

A survey of the filling stations across the weekend showed most major marketers in the country were selling a litre of petrol at N195 in the Southwest zone and Abuja; N200 in the North Central zone; N205 in the South-South zone; N210 in North West and South East zones and N220 in the North East zone.

To cut the time spent by customers at Mainland Oil’s retail stations across the country, Dr Igwe stated that the management of the company has directed all its station managers to stretch service hours across the night to ease the pressure in the market and allow night travellers access to fuel.

He acknowledged the expenditure concerns expressed by most marketers over long hours of services, saying that the cost of fuelling uptime at numerous filling stations at a time of high cost of diesel is huge.

He, however, added that the cost of running services for long hours and the sacrifice of maintaining price discipline were the contributions every marketer should make to ensure that the economy of the country did not suffer energy shock.