The Chairman of the Independent Petroleum Marketers Association of Nigeria, Rivers State Chapter, Joseph Obele, has urged the Federal Government to prioritize the repair of the nation’s refineries. He believes that if these refineries are brought back to full operation, the cost of Petroleum Motor Spirit (petrol) could drop below N200 per litre.
This plea comes in the context of the recent removal of petrol subsidy, which has led to higher fuel prices and increased living costs for Nigerians. In an effort to revitalize the economy, President Bola Tinubu has pledged to commence production at the Port Harcourt Refinery by December 2023.
During a recent visit to the Port Harcourt Refinery, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, reiterated the government’s commitment to restoring refinery operations.
However, Obele expressed concerns about the ongoing scarcity of dollars, which has been affecting petroleum product importers and contributing to fuel price hikes. He emphasized that until Nigeria’s refineries are fully operational, fuel prices are likely to remain subject to international market fluctuations. This situation has caused disruptions in the petroleum distribution chain over the past two weeks, as evident on the NNPC buying portal for marketers.
The call for refinery restoration remains critical in addressing the challenges posed by rising fuel prices and ensuring a more stable fuel market in Nigeria.