Joseph Obele, the Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Rivers State Chapter, has expressed optimism that the price of Premium Motor Spirit (PMS), commonly known as petrol, could see a significant reduction to N200 per litre if the nation’s refineries are successfully restored.
Obele made this statement on Friday in response to the surge in fuel prices following the removal of subsidies in June.
President Bola Ahmed Tinubu’s administration had committed to kickstarting production at the Port Harcourt refinery by December 2023, a promise reaffirmed by Heineken Lokpobiri, the Minister of State for Petroleum Resources (Oil), during his recent visit to the Port Harcourt refinery.
For Obele, a revival of Nigeria’s local refineries holds the key to addressing the economic challenges resulting from the removal of fuel subsidies. He called upon the federal government to take concrete steps towards revitalizing the Port Harcourt refinery.
He stated, “As long as our nation-owned refineries remain non-operational, fuel prices will continue to rise due to international factors. However, once our refineries are up and running, Nigerians can expect to purchase fuel for less than N200 per litre.”
It’s worth noting that following the removal of fuel subsidies, fuel prices surged to over N600 per litre nationwide.
