MAINLAND OIL SLASHES PETROL PRICES, ACCELERATES SERVICES
Nigeria’s newest major marketer, Mainland Oil and Gas Company Limited, has accelerated petrol retail services at all its over 54 stations across the country.
The company has also slashed the prices of the product at its retail outlets even at a time most other marketers have taken advantage of the prevailing supply crisis in the market to make huge profits.
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 the Nigerian National Petroleum Company (NNPC) Limited in taming price distortions in the domestic energy market.
He said the domestic fuel market requires disciplined players who must stick to existing regulations on sustainable supply, reliable services and stable prices. He explained that Mainland Oil values its unwavering reputation in disciplined and responsible operations above temporary jump in margins.
A survey of the filling stations across the weekend showed most major markers in the country sell a liter of petrol at the range between N195 in Southwest zone and Abuja; N200 in North Central zone; N205 in South South zone; N210 in North West and South East zones; and N220 in the North East zone.
Fuel supplies to the domestic market are sustained with the assistance of the NNPC Limited which has the statutory mandate for domestic energy security. However, partnership with key market players remains critical to addressing supply imbalances.
At retail outlets flying the Mainland Oil brand, pump prices for petrol capped at N195 per liter for the company’s petrol stations in Abuja.
Our checks showed that Mainland forms part of the team of major marketers that keep prices in the steady price range. The company’s retail outlets normally host long queues of desperate motorists scrambling to buy fuel at government’s subsidized rates.
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.
Dr Igwe acknowledged the expenditure concerns expressed by most marketers over long hour of services, saying that the cost of fuelling uptime at numerous filling stations at a time of high cost of diesel is huge. High cost diesel, he explained, is required for powering generators and fuelling distribution trucks that wheel supplies to different locations across the country.
He however explains that the cost of running services for long hours and the sacrifice of maintaining price discipline remains the contribution every marketer should make to ensure that the economy of the country does not suffer energy shock.
Dr Igwe declared that the prevailing fuel situation in the country is desperate and therefore requires atypical responses in terms of measures that might not be cost efficient. He made it clear that the situation calls on players in the domestic fuel market to make sacrifices in appreciation to the NNPC Limited and in consideration of the Nigerian society.
