Joseph Obele, the Chairman of the Independent Petroleum Marketers Association of Nigeria, Rivers State Chapter, has urged the Federal Government to ensure the planned repair of the nation’s refineries.
He emphasized that if the refineries were operational, the price of Petroleum Motor Spirit (petrol) could drop below N200 per liter.
This call comes in light of the removal of petrol subsidy, which has resulted in higher fuel prices and an increased cost of living. President Bola Tinubu has pledged to kickstart production at the Port Harcourt Refinery by December 2023 as part of efforts to revive the country’s economy.
During a recent visit to the Port Harcourt Refinery, Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), reaffirmed the government’s commitment to restoring the refinery’s operations.
However, Obele expressed concerns about the scarcity of dollars affecting importers and warned that the product’s price would continue to rise unless the government provided a short-term solution.
He said, “Until our nation-owned refineries are functional, fuel prices will keep increasing due to international variables. But when our refineries are functional, Nigerians will buy fuel less than N200 per litre.
“The scarcity of dollars has made it difficult for importers of petroleum products to continue further importation. For about two weeks now, the petroleum distribution chain has experienced turbulence. This is evident on the NNPC buying portal of marketers.
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