The Major Oil Marketers Association of Nigeria has stated that even if refineries are revamped, the price of petrol cannot fall below N200 per litre.

The association made the statement in response to a recent report in which the Independent Petroleum Marketers Association of Nigeria predicted that if the refineries reopened, petrol prices would fall below N200 per litre.

Joseph Obele, Chairman of the Independent Petroleum Marketers Association of Nigeria, Rivers State Chapter, advised the Federal Government to ensure the nation’s refineries were repaired as planned.

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.

Tunji Oyebanji, the Chief Executive Officer and former Chairman of the Major Oil Marketers Association of Nigeria told The PUNCH that the exchange rate of the dollar was affecting petrol prices.

He also stated that the price of crude oil on the international market was rising due to high demand and cuts by the Organization of Petroleum Exporting Countries.

Don’t you think the exchange rate of the dollar and naira is not affecting the price of petroleum products? Nigerians need to understand that the problem is actually the exchange rate, not the price of petrol.

He noted that reports that petrol price would drop to N200 per litre was misleading.