The Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Rivers State, Joseph Obele, has said that the price of petrol could crash below N200 per litre if the nation’s refineries are fixed.
POLITICS NIGERIA reports that Obele, in an interview with Saturday Punch, said the current high prices of petrol are due to the fact that Nigeria imports most of its fuel.
“Until our nation-owned refineries are functional, fuel prices will keep increasing due to international variables,” he said. “But when our refineries are functional, Nigerians will buy fuel less than N200 per litre.”
Obele also expressed concern about the scarcity of dollars, which he said has made it difficult for importers to bring in more fuel.
“The scarcity of dollars has made it difficult for importers of petroleum products to continue further importation,” he said. “For about two weeks now, the petroleum distribution chain has experienced turbulence. This is evident on the NNPC buying portal of marketers.”
Obele called on the Federal Government to take steps to address the scarcity of dollars and to fix the nation’s refineries.
“The government needs to do something about the scarcity of dollars,” he said. “They also need to fix our refineries so that we can start producing our own fuel.”
The government has said that it is committed to fixing the nation’s refineries, but it has not given a definite date when this will happen.
In the meantime, Nigerians are facing high prices for petrol and other petroleum products.