Stakeholders in Nigeria’s Downstream Petroleum sub-sector are offering assurances of an imminent reduction in the pump price of fuel, signaling optimism for an impending resolution to the ongoing energy sector challenges.
The specific anticipation is a drop in petrol prices, linked to the expected resumption of operations at the Port Harcourt Refinery in Rivers State, set for January.
Kenneth Korie, the National President and Chairman of the Board of Trustees (BoT) of NOGASA, and Dr. Billy Harry, his PETROAN counterpart, conveyed these assurances separately following 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 asserted that they are fully certain that the prices of petroleum products will decrease when the refineries become operational again in January.
Korie attributed the current surge in fuel prices to importation and emphasized that the rehabilitation and upgrade of the refineries in Port Harcourt, Kaduna, and Warri are pivotal for reducing product prices.
“Yes, of course, there is hope. The GMD NNPC has given assurances concerning that before the National Assembly. In all my discussions, I have been emphasizing the Port Harcourt Refinery to come online,” Korie said.
“I’m 100% sure that there will be a substantial reduction in the price of petroleum products as soon as our four refineries, including the Dangote Refinery, come online. But we should not expect the price to revert to its previous levels, considering the high exchange rate. Nevertheless, it will be a noteworthy decrease from the current rates.”
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