The Major Oil Marketers Association of Nigeria has stated that even if refineries are refurbished, the price of fuel cannot fall below N200 per litre.
The association made the statement in response to a recent report in which the Independent Petroleum Marketers Association of Nigeria predicted that if the refineries reopened, petrol prices would fall below N200 per litre.
Chairman of the Independent Petroleum Marketers Association of Nigeria, Rivers State Chapter, Joseph Obele, encouraged the Federal Government to guarantee that the nation’s refineries were repaired as planned.
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.
In an interview with journalists, the Chief Executive Officer and former chairman of the Major Oil Marketers Association of Nigeria, Tunji Oyebanji, said exchange rate of the dollar was affecting petrol price.
He also stated that the price of crude oil on the international market was rising due to high demand and cuts by the Organisation of Petroleum Exporting Countries.
“Don’t you think the exchange rate of the dollar and naira is not affecting the price of petroleum products? Nigerians need to understand that the problem is actually the exchange rate, not the price of petrol.”
He noted that reports that petrol price would drop to N200 per litre was misleading.