By Milcah Tanimu
Joseph Obele, the Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) for Rivers State Chapter, has asserted that the price of Premium Motor Spirit (PMS), commonly known as petrol, could decrease to N200 per litre if the country’s refineries are effectively repaired and brought into operation.
Obele made this statement in response to the soaring fuel prices that followed the removal of fuel subsidies in June. President Bola Ahmed Tinubu’s administration had pledged to restart production at the Port Harcourt refinery by December 2023, with Heineken Lokpobiri, the Minister of State for Petroleum Resources, recently reiterating the government’s commitment during a visit to the Port Harcourt refinery.
According to Obele, the revitalization of Nigeria’s local refineries is the key to addressing the economic challenges stemming from the removal of fuel subsidies. He called on the federal government to translate its intentions into action in order to revive the Port Harcourt refinery.
Obele stated, “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 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.
