The Chairman of the Independent Petroleum Marketers Association of Nigeria, Rivers State Chapter, Joseph Obele, has stated that if the country’s refineries are rectified, the price of Premium Motor Spirit, also known as petrol, will fall to N200 per litre.
Obele revealed this in a statement on Friday in response to the skyrocketing petrol prices since the elimination of subsidies in June.
The administration of President Bola Ahmed Tinubu had promised that the Port Harcourt refinery would be operational by December 2023.
When Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), visited the Port Harcourt refinery a week ago, he reaffirmed the government’s commitment.
For the oil marketer, Obele, revitalising Nigeria’s local refineries is the solution to economic challenges occasioned by fuel subsidy removal.
He urged the federal government to match words with actions in reviving the Port Harcourt refinery.
“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 for less than N200 per litre,” he said.
The Genius Media Nigeria recalls that after fuel subsidy removal, the price of fuel jumped to over 600 per litre nationwide.