Business & Finance

Local Refining Can’t Reduce Petrol to N200/Litre, Says MOMAN

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The Major Oil Marketers Association of Nigeria (MOMAN) has firmly asserted that even if the nation’s refineries are revamped, it is impossible for the price of petrol to reach as low as N200 per litre. This declaration from MOMAN comes in response to recent claims made by the Independent Petroleum Marketers Association of Nigeria, suggesting that the price of petrol could drop significantly below N200 per litre if the refineries were brought back to full functionality.

Joseph Obele, the Chairman of the Independent Petroleum Marketers Association of Nigeria in Rivers State, had urged the Federal Government to prioritize the rehabilitation of Nigeria’s refineries. Obele argued that functional refineries would lead to more affordable fuel for the citizens, especially at a time when the nation grapples with price fluctuations due to challenges in the petroleum distribution chain and a scarcity of dollars for importing petroleum products.

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Tunji Oyebanji, the Chief Executive Officer and former chairman of MOMAN, took a different stance. Oyebanji emphasized the significant impact of exchange rates on petrol pricing, asserting that it was the fluctuating exchange rate between the dollar and the naira that primarily influenced fuel prices. He stated, “Don’t you think the exchange rate of the dollar and naira is not affecting the price of petroleum products? Nigerians need to understand that the problem is actually the exchange rate, not the price of petrol.”

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Oyebanji also pointed out that crude oil prices in the international market had been on an upward trajectory due to high global demand and production cuts imposed by the Organization of the Petroleum Exporting Countries (OPEC).

In light of these opposing viewpoints, it becomes evident that achieving a petrol price as low as N200 per litre in Nigeria is a complex issue. While the revival of refineries is crucial, other intricate factors such as exchange rates and international oil prices continue to exert significant influence on fuel costs.

The ongoing debate underscores the need for informed discussions among government bodies, stakeholders, and the public. Addressing the multifaceted challenges surrounding petrol pricing requires a holistic approach that takes into account all relevant factors. Only through a comprehensive strategy can Nigeria work towards ensuring a stable and affordable fuel market that benefits its citizens.

Source: The Punch

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