Managing Director and Chief Executive Officer, Petrocam Trading Nigeria Limited, Patrick Ilo has emphasised the need for Nigerian National Petroleum Company Limited (NNPCL) to enhance its pricing methods towards establishing a fair playing field.
He said the call for improvement reflects growing concerns about market dynamics and competitiveness.
He made the call at the opening of the company’s 45th mega station, yesterday in the Mowe area of Ogun State.
Ilo said the Federal Government’s announcement about removing Value Added Tax (VAT) on Liquefied Petroleum Gas (LPG) and customs duty on imported LPG is currently a policy statement that has not been implemented, expressing hope for its implementation.
He added that the price of PMS may either increase or decrease, emphasising that it is contingent on the international market price.
“Government should ensure there is a better level playing ground, a situation where NNPC is not coming clean and clear about how they are doing their pricing, we are in a commodity market where prices between commodity A and B should just be marginal, where there is a large volume in margin between what A and B sells, then there is no transparency, government should come clear,” Ilo said.
He also called on the government to embrace a regulatory role rather than getting involved in business.
Ilo emphasized that the government shouldn’t compete in a way that could undermine the private sector, stressing the significance of borrowing from banks and the critical importance of maintaining a positive bottom line. Any losses could have consequences for everyone.
“Government is not in the business of doing business; they should be regulators,” he said.
Chief Operating Officer, Petrocam Trading Nigeria Limited, Eyo Oghogho, said:
“This is our 45th filling station, we have about five more in process, which would have been opened if there are more days in the year, before the end of the year, we would open one in Ojo, Oyo State and the rest in January, having a total of 50 retail outlets by the end of January, all our stations are solar powered.”
