Nigerian Petroleum Marketers Sound Alarm Over Oil Market Disruption Risk

Petroleum marketers, including Hoscom and Bulk Petroleum Retailers, have issued a warning about potential disruptions in the oil market structure in Nigeria. Concerns were raised about a perceived monopoly-driven action by the Nigerian National Petroleum Company Limited (NNPCL), leading to financial losses and operational halts at the Port Harcourt Refinery.

The marketers emphasized the importance of the refinery as a price check mechanism to prevent private refineries from dictating market moves. The statement highlighted the need for sustainable solutions to maintain a balanced market structure and ensure fair competition in the petroleum industry.