Stakeholders within the Downstream Petroleum sub-sector have offered reassurances to the Nigerian public, asserting their optimism for a significant reduction in the fuel pump price. They express hope that the ongoing crises in the energy sector will see resolution in the near future.
In particular, there is an anticipation of a decline in petrol prices, aligning with the projected resumption of operations at the Port Harcourt Refinery in Rivers State come January. Kenneth Korie, the National President and Chairman of the Board of Trustees (BoT) of NOGASA, along with Dr. Billy Harry, his PETROAN counterpart, individually provided these assurances. This affirmation came subsequent to 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.
With confidence, they asserted a full belief that the prices of petroleum products will experience a decrease once the refineries become operational again in January. Korie attributed the prevailing surge in fuel prices to importation and underscored the importance of the rehabilitation and upgrade of the refineries in Port Harcourt, Kaduna, and Warri as pivotal measures for lowering product prices.
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"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."