Chairman of the Rivers State chapter of Independent Petroleum Marketers Association of Nigeria (IPMAN) Mr. Joseph Obele, has enjoined the Federal government to ensure that the country’s refineries are fixed as planned.
He said the cost of petrol would crash below N200 per litre when the refineries become functional.
His argument is coming against the backdrop of the removal of petrol subsidy, which has led to a hike in fuel prices and also the general the cost of living.
To revive the nation’s economy, President Bola Tinubu has promised to ensure that the Port Harcourt Refinery begins production by December 2023.
Last Friday, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, during a visit to the Port Harcourt Refinery, reinstated Federal government’s commitment to get the refinery running.
However, Obele raised concern that the scarcity of dollars has continued to affect importers, adding that price of the product would continue to increase if the government fails to provide 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.”