A Professor of Energy, Yemi Oke, on Monday said the competition in the petroleum sector would continue.

He stated this during a special programme on Channels Television to end the year 2024, with a focus on the nation’s energy.

“We have seen competitiveness in the petroleum sector which is now driving the pump price of Premium Motor Spirit (PMS) down south,” he said.

“That is going to continue. We have seen the coming on board of BUA, another refinery, scaling up production capacity. Naturally, it is a question of demand and supply. Once supply outright demand, prices will go south.”

Nigeria has witnessed a recent decline in the prices of petroleum products following competition between the Dangote refinery and the Nigerian National Petroleum Company Limited (NNPCL)

Last week, the NNPCL reduced the ex-depot price of petrol, from N1,020 to N899 per litre.

The development coincides with Dangote Refinery’s partnership with MRS, which has set the retail price of petrol at N935 per litre across its outlets nationwide. This follows a reduction in its ex-depot price from N970 to N899.50 per litre.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) welcomed the reduction in petrol prices.

IPMAN’s Public Relations Officer, Chief Chinedu Ukadike, described the development as a welcome relief for both consumers and independent marketers.

Dangote Refinery produces 650,000 barrels per day (BPD), the largest single-train refinery in the world.

But the NNPCL have not reflected the new change of the prices for filling stations.