IPMAN Predicts Petrol Prices Below ₦200 With Functional Refineries

Eko Hot Blog reports that the Chairman, Independent Petroleum Marketers Association of Nigeria, Rivers State Chapter, Joseph Obele, has enjoined the Federal Government to ensure that the nation’s refineries are fixed as planned.

He stated that the cost of Petroleum Motor Spirit, also known as petrol, would crash below N200 per litre should the refineries become functional.

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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.

To revive the nation’s economy, President Bola Tinubu has promised to ensure that the Port Harcourt Refinery begins production by December 2023.

Last Friday, the Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, during a visit to the Port Harcourt Refinery, reinstated Federal Government’s commitment to get the refinery running.

However, Obele in an interview with Saturday PUNCH, 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.

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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.

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