In a recent statement, Joseph Obele, the Chairman of the Independent Petroleum Marketers Association of Nigeria, Rivers State Chapter, shed light on a potential solution to Nigeria’s soaring fuel prices. Obele emphasized that if the country’s refineries were revitalized, the price of Premium Motor Spirit (petrol) could plummet to as low as N200 per litre.
This revelation comes in response to the significant increase in fuel prices following the removal of subsidies in June. President Bola Ahmed Tinubu’s administration had pledged to restart production at the Port Harcourt refinery by December 2023. Heineken Lokpobiri, the Minister of State for Petroleum Resources, reiterated the government’s commitment during a recent visit to the Port Harcourt refinery.
Obele, an oil marketer, firmly believes that revitalizing Nigeria’s local refineries is the key to addressing the economic challenges triggered by subsidy removal. He urged the federal government to turn its promises into action and expedite the revival of the Port Harcourt refinery.
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He stated, “Until our nation-owned refineries are fully functional, fuel prices will continue to rise due to international factors. However, when our refineries are operational, Nigerians can expect to purchase fuel for less than N200 per litre.”
It’s worth recalling that after the removal of fuel subsidies, the price of petrol surged to over N600 per litre nationwide. With the potential revival of refineries, there is hope on the horizon for more affordable fuel prices, providing relief to the Nigerian populace.
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