Why Petrol Can Still Be Sold For Less Than N200 Per Litre – Marketers

Nigerian oil marketers have said that Premium Motor Spirit, better known as petrol can still be sold for less than N200 if the federal government can repair all the refineries in the country.

According to marketers, until the refineries are fixed and functional, Nigerians can’t be guaranteed of buying fuel at a reduced price.

Joseph Obele, Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Rivers State Chapter, made this known while speaking with PUNCH.

According to him, importers are affected due to the scarcity of dollars and that the product would continue to increase if the government failed to offer a short-term solution.

“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.”

President Bola Tinubu had said that the Port Harcourt Refinery would begin production by December 2023.

The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, had, during his visit to the facility last Friday, restated the government’s commitment to the functionality of the refinery.

Recall that the president ended the fuel subsidy regime on May 29 while reading his inaugural speech. A development that has led the prices of the product to surge suddenly.

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