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IPMAN: Fuel Prices Could Drop Below N200/Litre with Functional Refineries

The Chairman of the Independent Petroleum Marketers Association of Nigeria (IPMAN) in Rivers State, Joseph Obele, has called on the Federal Government to ensure the repair and functioning of the nation’s refineries. He believes that if the refineries become operational, the cost of Petroleum Motor Spirit (petrol) could drop below N200 per litre.

This request comes as Nigeria recently removed fuel subsidies, resulting in increased fuel prices and a rise in the cost of living. In an effort to revive the economy, President Bola Tinubu has pledged to have the Port Harcourt Refinery in operation by December 2023.

Obele also expressed concerns about the scarcity of dollars, which has been affecting fuel importers and contributing to the rising fuel prices. He emphasized the importance of functional domestic refineries as a long-term solution to price stability.

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