*Port Harcourt, Nigeria – September 1, 2023*
Joseph Obele, the Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) for Rivers State, has called upon the Federal Government to ensure the timely repair and restoration of the nation’s refineries. He emphasized that the price of Petroleum Motor Spirit (PMS), commonly known as petrol, could drop below N200 per litre once the refineries are fully operational.
This plea from Obele comes in the wake of the removal of petrol subsidy, which has resulted in an increase in fuel prices and a subsequent rise in the cost of living for many Nigerians.
In an effort to rejuvenate the nation’s economy, President Bola Tinubu has made a commitment to kickstart production at the Port Harcourt Refinery by December 2023. Last Friday, Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), reaffirmed the Federal Government’s dedication to getting the refinery back on track during a visit to the Port Harcourt Refinery.
However, Obele expressed concerns about the continued scarcity of dollars, which has had a significant impact on petroleum product importers. He asserted that without a short-term solution from the government, fuel prices would persist in their upward trajectory.
He stated, “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.”
Obele also highlighted the challenges faced by petroleum product importers due to the scarcity of dollars, causing disruptions in the petroleum distribution chain for the past two weeks. This turbulence in the market is evident on the Nigerian National Petroleum Corporation’s (NNPC) purchasing portal for marketers.
