The Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Rivers State Chapter, Joseph Obele, has urged the Federal Government to ensure that the nation’s refineries are fixed as planned.
Obele said that the cost of Petroleum Motor Spirit,l would crash below N200 per litre if the refineries become functional.
This is coming against the backdrop of the removal of petrol subsidy, which has led to a corresponding hike in fuel prices and a hike in the cost of living.
He noted that ro revive the nation’s economy, President Bola Tinubu promised to ensure that the Port Harcourt Refinery begins production by December 2023.
Obele raised concern that the scarcity of dollars had continued to affect importers, adding that the product would continue to increase if the government failed to offer a short-term solution.
“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.
