Fuel can sell for N200/litre with working refineries – IPMAN

The Chairman of the Rivers State Chapter of the Independent Petroleum Marketers Association of Nigeria, Joseph Obele, has urged the Federal Government to diligently proceed with the planned restoration of the country’s refineries.

According to his statement, the price of Petroleum Motor Spirit (commonly referred to as petrol) would significantly decrease to below N200 per litre if the refineries were to become operational.

This comes against the backdrop of the withdrawal of the petrol subsidy, which has resulted in an increase in gasoline prices as well as an increase in the cost of living.

President Bola Tinubu has vowed that the Port Harcourt Refinery will commence production by December 2023 in order to revitalise the nation’s economy.

During a visit to the Port Harcourt Refinery last Friday, Senator Heineken Lokpobiri, Minister of State for Petroleum Resources (Oil), reaffirmed the Federal Government’s commitment to getting the refinery up and operating.

However, Obele expressed concern to journalists in an interview that the lack of dollars has continued to impact importers, saying that the price would rise further if the government did not provide a temporary fix.

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.