Marketers in the oil industry have hinted on possible reduction in the price of fuel following the commencement of operations at the Warri refinery.

The refinery commenced operations at a 60 percent capacity on Monday, December 30, after nearly a decade of dormancy, a statement by the Nigerian National Petroleum Company Limited (NNPCL) said.

However, reacting to the news, the Major Energy Marketers’ Association of Nigeria (MEMAN) and the Independent Marketers Association of Nigeria (IPMAN) commended the NNPCL and the Federal Government for the feat.

According to the marketers, the operations at the Warri refinery would depend competition and diversify supply.

They further stated that the rehabilitation of the facility would also lead to reduction in the prices of petroleum products.

Clem Isong, the execusecretrat of MEMAN said the new refinery is the shortest route to the Northerm part of the country.

“The market becomes more competitive and we are diversifying supply,” he said.

“There are many factors that affect price, competition is always good and you can always get your product at the best price,” Isong said.

For IPMAN, its public relations officer, Olanrewaju Okanlawon excess supply across board would mean a reduction in product price.

He said, “If there is excess supply, it will keep bringing down the price.

“We now run a free market and it is about demand and supply. It will continue bringing down the price. It will decongest Lagos,” Okanlawon said.