By Moses Patience Chat
The Nigerian National Petroleum Company (NNPC) Limited has said that it will soon bring an end to its monopoly of petrol supplies.
The Group Chief Executive Officer (GCEO) of the Company, Mallam Mele Kolo Kyari, said this on Thursday during an interview with journalists.
He said this after President Bola Tinubu pledged to remove fuel subsidies.
Mallam Kyari said that petrol prices were expected to come down once new companies started supplying petrol, which will bring in more competition in the oil and gas sector.
According to him, ,”all we did was to set variable prices, depending on our costs by location and knowing fully well that NNPC Limited is the single supplier of the market, and we are seeing that exit coming very quickly and NNPC will not continue being the supplier of petrol alone.
“As soon as the market stabilizes, oil marketing companies will be able to come into the oil market and competition will surely come in, which will bring changes in prices downwards.”