The Major Oil Marketers Association of Nigeria has dismissed claims that the price of petrol could potentially drop to N200 per litre, even if the country’s refineries were revived.
This statement comes in response to recent reports suggesting that petrol prices could significantly decrease if the refineries were operational again.
Joseph Obele, the Chairman of the Independent Petroleum Marketers Association of Nigeria in Rivers State, had urged the government to prioritize the repair of the nation’s refineries.
He said, “Until our nation-owned refineries are functional, fuel prices will keep increasing due to international variables. But when our refineries are functional, Nigerians will buy fuel less than N200 per litre.
“The scarcity of dollars has made it difficult for importers of petroleum products to continue further importation. For about two weeks now, the petroleum distribution chain has experienced turbulence. This is evident on the NNPC buying portal of marketers.”
However, the Major Oil Marketers Association of Nigeria has refuted these claims, stating that such a low petrol price is unattainable.
-Advertisement-
The Chief Executive Officer and former chairman of the Major Oil Marketers Association of Nigeria, Tunji Oyebanji, recently addressed the issue of petrol prices in a conversation with newsmen.
READ ALSO: Morocco declares 3 days of national mourning
Oyebanji emphasized that the exchange rate between the dollar and the naira was directly impacting the cost of petrol.
He further explained that the price of crude oil in the international market had been steadily increasing due to high demand and production cuts by the Organization of the Petroleum Exporting Countries (OPEC).
Oyebanji urged Nigerians to recognize that the root cause of the problem lies in the exchange rate, rather than the actual price of petrol.
He dismissed reports suggesting that petrol prices would drop to N200 per litre, labeling them as misleading.
We do everything possible to supply quality news and information to all our valuable readers day in, day out and we are committed to keep doing this.
Your kind donation will help our continuous research efforts.
-Advertisement-
-Want to get the news as it breaks?-
