Joseph Obele, the Chairman the Independent Petroleum Marketers Association of Nigeria, Rivers State Chapter, said the price of Premium Motor Spirit, known as petrol, would drop to N200/per litre if the country’s refineries are fixed.
Obele disclosed this on Friday in a statement while reacting to the soaring price of fuel after subsidies removal in June.
President Bola Ahmed Tinubu’s administration had pledged to get the Port Harcourt refinery to begin production by December 2023.
Heineken Lokpobiri, the Minister of State for Petroleum Resources(Oil), reiterated the government’s commitment when he visited the Port Harcourt refinery a week ago.
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.
Kemi Filani News recalls that after fuel removal, the price of fuel increased to over 600 per litre Nationwide.