Fuel will sell less than N200 per liter with functional refineries – IPMAN predict

Joseph Obele, the chairman of the Rivers State chapter of the Independent Petroleum Marketers Association of Nigeria(IPMAN), has urged the federal government to see that the nation’s refineries are mended in accordance with schedule.

If the refineries start operating, he predicted that the price of petroleum motor spirit, generally known as gasoline, would fall below N200 per litre.

The withdrawal of the gasoline subsidy, which caused a proportional increase in fuel costs and a rise in the cost of living, is the background to this.

President Bola Tinubu has pledged to make sure that the Port Harcourt Refinery starts operating by December 2023 in order to boost the country’s economy.

Senator Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), visited the Port Harcourt Refinery on Friday reinstated the Federal Government’s commitment to get the refinery running.

However, Obele in an interview with Saturday PUNCH, raised concern that the scarcity of dollars had continued to affect importers, adding that the product would continue to increase if the government failed to offer a short-term solution.

He said, “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 less than N200 per litre.

“The scarcity of dollars has made it difficult for importers of petroleum products to continue further importation. For about two weeks now, the petroleum distribution chain has experienced turbulence. This is evident on the NNPC buying portal of marketers.