Oil Industry Stakeholders Express Optimism On Fuel Price Reduction

• Say Resumed Operations At PH Refinery Will Crash Price Of Petrol

Two critical oil and gas industry stakeholders have expressed optimism that Nigerians will soon witness a significant reduction in the price of Premium Motor Spirit (PMS) popularly called petrol.

The stakeholders; Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) and Petroleum Products Retail Outlets owners Association of Nigeria (PETROAN) assured Nigerians that a significant reduction in the pump price of fuel will soon take place going by the revamping ongoing in the energy sector.

They expressed optimism about a drop in petrol prices with the expected resumption of operations at the Port Harcourt Refinery in Rivers State in January.

Kenneth Korie, the National President and Chairman of the Board of Trustees (BoT) of NOGASA, along with Dr. Billy Harry, his PETROAN counterpart, made these assurances separately after the inauguration of the Akwa Ibom State chapters of the two industry regulatory bodies at Ibom Icon Hotel in Uyo, Akwa Ibom State, on Tuesday.

Expressing confidence, they stated that they are 100 per cent sure that the prices of petroleum products will decrease when the refineries become operational again in January.

Korie attributed the current hike in fuel prices to importation and added that the rehabilitation and upgrade of the refineries in Port Harcourt, Kaduna, and Warri are crucial for lowering 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,” Korie said.

“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.”