Petrol Price Will Drop Soon – Oil Marketers Announce

The stakeholders in the Downstream Petroleum sub-sector have reassured Nigerians that there will be a significant decrease in the pump price of petrol, also known as fuel.

They are optimistic that the ongoing crises in the energy sector will be resolved soon.

According to the businessmen, petrol prices will drop once the Port Harcourt Refinery in Rivers State resumes operations in January.

Naija News reports that the National President and Chairman of the Board of Trustees (BoT) of NOGASA, Kenneth Korie, and Dr. Billy Harry, his PETROAN counterpart, separately gave these assurances after the inauguration of the Akwa Ibom State chapters of the two industry regulatory bodies.

On Tuesday, the event took place at the Ibom Icon Hotel in Uyo, Akwa Ibom State. With utmost confidence, they affirmed that they are entirely confident that the prices of petroleum products will decrease once the refineries become operational again in January.

Korie credited the surge in fuel prices to the importation factor and emphasized the significance of rehabilitating and upgrading the refineries in Port Harcourt, Kaduna, and Warri to reduce product prices.

“Yes, of course, there is hope. The GMD NNPC has given assurance concerning that before the National Assembly. In all my talks, I have been hammering the Port Harcourt Refinery to come online,” Daily Post quoted Korie saying.

“I’m 100% sure that there will be a serious reduction in the price of petroleum products as soon as our four refineries, including the Dangote Refinery, come up. But we should not expect the price to come down like it was before, because of the high exchange rate, but it will be a bit lower than what it is now.”