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NEWS

Fuel Price Will drop to N200 Per Litre with Functional Refineries –IPMAN

September 2, 2023 • 1 min read

Joseph Obele, the chairman, Independent Petroleum Marketers Association of Nigeria, Rivers State chapter has 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 subsidy 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 government’s commitment when he visited the Port Harcourt refinery a week ago.

For the oil marketer, Obele, revitalising Nigeria’s local refineries was 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.

After fuel subsidy removal, the price of fuel jumped to over 600 per litre nationwide.

Source: Daily Post