By Nudoiba Ojen
The Chairman, Independent Petroleum Marketers Association of Nigeria, Rivers State Chapter, Joseph Obele, has said that the price of petrol will reduce to below N200 per litre if the country’s refineries are functional.
Consequently, Obele, urged the Federal Government to ensure that the country’s refineries were fixed as planned.
The IPMAN chieftain, who said that the price of petrol would continue to increase as long as the product was being imported in view of the scarcity of dollars and other factors, said local refinery remained the best bet.
He said, “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.
“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,” he said.
Removal of subsidy on petrol by President Bola Tinubu in May had led to increase in the price of petrol from about N200 to over N600 per litre and had affected prices of goods and services and as well cost of living.
Since the removal of subsidy, oil marketers have been closing their stations or altering pump prices depending on the exchange rate of dollars.
Recall that the president has promised to ensure that the Port Harcourt Refinery begins production by December 2023 as part of efforts to revive the country’s economy.
