A REVIEW OF THE NIGERIAN PETROLEUM RETAIL MARKET

ABSTRACT

This study was carried out on the Nigerian petroleum retail market. The study essentially examines the application of marketing mix (product, price, place, and promotion) in the retailing of petroleum products in Nigeria using Texaco Plc as the case study. Texaco Nigeria Plc was incorporated in 1969 as a private limited company and became a publicly quoted company on December 8, 1978. The company is principally engaged in the marketing and distribution of petroleum products, blending of lubricants, and manufacturing of greases and petroleum jelly. This study makes use of secondary data only. The methods adopted to analyse the data gathered includes descriptive, financial ratios (liquidity ratio, solvency ratio, profitability ratio) averages, ranking and simple percentages are used for easy understanding. During participant observation, issues that relate to scarcity, price hike and other practices at filling stations were fully discussed and argued. This study gave a first-hand information on the malpractice by station managers and fuel attendants. It also gave insight on how artificial scarcity of products is perpetuated by these categories of petroleum products workers. This study thereby recommended that loading should be monitored and movement book well kept, both at the depots and the expected destinations