Joseph Obele, Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Rivers State, has suggested that petrol prices could dip below N200 per litre if the nation’s refineries are repaired. In an interview with Saturday Punch, Obele highlighted that the current elevated petrol prices result from Nigeria’s heavy reliance on fuel imports.Thank you for reading this post, don't forget to subscribe!
He stated, ‘Until our nation-owned refineries are operational, fuel prices will continue to rise due to international factors. But when our refineries are in working order, Nigerians could purchase fuel for less than N200 per litre.’
Obele also voiced concerns about the scarcity of dollars, which has hindered petroleum product importers. He remarked, ‘The scarcity of dollars has created challenges for petroleum product importers, causing disruptions in the petroleum distribution chain for the past two weeks, as seen on the NNPC buying portal for marketers.’
He urged the Federal Government to address the dollar scarcity issue and expedite the repair of the country’s refineries. However, the government has not provided a specific timeline for refinery repairs.
As a result, Nigerians continue to grapple with high petrol and petroleum product prices.”
Note: Naija247news was included as requested in the article.