In the thick of the hardship brought on by the removal of fuel subsidy, oil marketers have said Petroleum Motor Spirit, also known as petrol, can actually sell for below N200.
They however gave conditions for Nigeria to achieve the rate.
The marketers said if the Federal Government can ensure that the nation’s refineries are fixed and functional, then there is a guarantee that petrol can sell for less than N200 per little.
According to the Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Rivers State Chapter, Joseph Obele, fuel prices will keep increasing until nation’s refineries are fully functional.
He explained that the scarcity of dollars continued to affect importers, adding that the product would continue to increase if the government failed to offer a short-term solution.
Obele told The Punch, “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-led government has however, pledged that the Port Harcourt Refinery would begin production by December 2023.
The Minister of State for Petroleum Resources (Oil), Senator Heineken Lokpobiri, during his visit to the facility last Friday, restated the government’s commitment to the functionality of the refinery.
Tinubu 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.