Breaking News: Stakeholders Predict Impending Collapse In Fuel Prices

Stakeholders in the Downstream Petroleum sub-sector have provided assurances to the Nigerian public regarding a significant decline in fuel prices, expressing optimism that the ongoing challenges in the energy sector will be resolved in the near future.

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The focus is particularly on an expected reduction in petrol prices with the anticipated resumption of operations at the Port Harcourt Refinery in Rivers State in January.

Kenneth Korie, the National President and Chairman of the Board of Trustees (BoT) of NOGASA, and Dr. Billy Harry, his PETROAN counterpart, individually conveyed these assurances following 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. Demonstrating confidence, they asserted that there is a 100% certainty that petroleum product prices will decrease when the refineries become operational again in January.

Korie attributed the current surge in fuel prices to importation and emphasized that the rehabilitation and upgrade of the refineries in Port Harcourt, Kaduna, and Warri are pivotal for reducing product prices.

“Yes, there is hope. The GMD NNPC has provided assurance regarding that before the National Assembly. In all my discussions, I have been emphasizing the importance of the Port Harcourt Refinery coming online,” Korie affirmed.

“I am 100% certain that there will be a significant reduction in the price of petroleum products as soon as our four refineries, including the Dangote Refinery, become operational. However, it’s essential to note that we should not expect the price to return to previous levels due to the high exchange rate. Still, it will be moderately lower than the current rates,” he added.

Source: Bushradiogist