The Chairman of the Rivers State Chapter of the Independent Petroleum Marketers Association of Nigeria, Joseph Obele, has urged the Federal Government to follow through on its plan to fix the nation’s refineries. Obele believes that if the refineries are functional, the cost of Petroleum Motor Spirit (petrol) will significantly decrease to below N200 per litre.
This call comes in light of the removal of petrol subsidy, which has led to a corresponding increase in fuel prices and the cost of living. To revive the nation’s economy, President Bola Tinubu has promised to begin production at the Port Harcourt Refinery by December 2023.
Recently, during a visit to the Port Harcourt Refinery, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, reinstated the Federal Government’s commitment to get the refinery running. However, Obele expressed concern that the scarcity of dollars continues to affect importers, and the product’s cost is likely to keep increasing unless the government provides 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.
