Business

Petrol price will continue to increase – Retailers says, reveals reason

Petrol retailers under the aegis of Petroleum Product Outlet Owners Association (PETROAN) say the pump price of petrol will continue to increase except if functional refineries are built in the country.

President of the association, Dr. Billis Gillis-Harry, said this during a brief with newsmen in Port Harcourt, River State.

He further argues that the association has the capacity to manage the refinery, citing the vast establishment of the association across the country.

“The cost of fixing the refineries today, from what we are told, is running into about $1.8 billion or thereabouts. Revamping the four refineries will cost Nigeria too much money.

“PETROAN can come together and partner with the federal government in ensuring that we have established modular refineries that can do at least up to fifteen thousand barrels per day. That should be able to guarantee our domestic consumption per day,” Gillis-Harry stated.

Gillis further reveals that Nigerians might start buying petrol at N200 per liter following the monthly depot price increment of the product. He called on the federal government to be just in the deregulation of the petroleum sector.

“The cost of fixing the refineries today, from what we are told, is running into about $1.8 billion or thereabouts. Revamping the four refineries will cost Nigeria too much money.

“PETROAN can come together and partner with the federal government in ensuring that we have established modular refineries that can do at least up to fifteen thousand barrels per day. That should be able to guarantee our domestic consumption per day,” Gillis-Harry stated.

However, the PETROAN president said they would give the government the necessary support to ensure that subsidy would no longer be an option.

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