Fuel price will soon collapse – Stakeholders

Stakeholders in the Downstream Petroleum sub-sector have assured Nigerians of a significant reduction in the pump price of fuel, indicating optimism that the ongoing crises in the energy sector will soon be resolved.

They specifically anticipate 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.”

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