According to the Major Oil Marketers Association of Nigeria, even with refinery renovations, the price of fuel will never drop to N200 per litre.
The group made this observation in response to a report that was just released in which the Independent Petroleum Marketers group of Nigeria predicted that if the refineries were to restart operating, the price of gasoline would plummet to less than N200 per litre.
The Federal Government was instructed to make sure that the nation’s refineries were fixed according to schedule by Joseph Obele, Chairman of the Independent Petroleum Marketers Association of Nigeria, Rivers State Chapter.
“Fuel prices will continue to rise due to international variables until our nation-owned refineries are operational,” he stated. Nonetheless, Nigerians would pay less than N200 a litre for fuel once our refineries are operational.
It is now challenging for importers of petroleum products to continue importing more due to the lack of dollars. The petroleum delivery system has been turbulent for the past two weeks or so. This is clear from the marketers’ NNPC purchase webpage.
IIn an interview with the reporter, Tunji Oyebanji, the former chairman of the Major Oil Marketers Association of Nigeria and current CEO, stated that the price of petrol was impacted by the dollar’s exchange rate.
Additionally, he stated that the Organisation of the Petroleum Exporting Countries’ reduction and strong demand had led to an increase in the price of crude oil on the global market.
“Don’t you think that the price of petroleum items is unaffected by the dollar-to-naira exchange rate? Nigerians must realise that the exchange rate—rather than the cost of gasoline—is the real issue.He pointed out that it was false to say that the price of gasoline would drop to N200 per litre.