Downstream Players Predicts Fuel Price Reduction

Industry stakeholders have expressed optimism fuel prices will drop significantly following the scheduled restart of refinery operations next month.

Speaking after inaugurating Akwa-Ibom chapters of NOGASA and PETROAN, their leaders Kenny Korie and Dr. Billy Harry respectively expressed confidence prices will decrease.

Korie attributed current hikes to import-dependency and called Dangote and other refineries crucial to lowering costs.

“I’m 100% sure a serious reduction once our refineries including Port Harcourt and Dangote come up”, he said although the exchange rate means pre-crisis prices may not fully return.

Harry echoed Korie’s views, noting the NNPC GMD assured the National Assembly of progress at Port Harcourt scheduled to resume in January.

If actualized, productive domestic refining capacity is expected boost supply security and checking skyrocketing pump prices plaguing the economy.

Stakeholders await policy and technical steps to realize the optimism over restored local refining sufficiency relieving consumer burden.

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