Fuel price: Why NNPCL should revive Port Harcourt, other Nigerian refineries immediately —PETROAN

The Petroleum Products Retailers Outlets Owners Association of Nigeria, PETROAN,  has explained wherefore the Nigerian National Petroleum Company Limited, NNPCL, should, arsenic a substance of urgency, revive the Port Harcourt refinery and different Federal Government-owned refineries.

In a connection on Wednesday, PETROAN spokesperson, Joseph Obele said the revitalisation of the refineries volition guarantee substance terms competitiveness, currency stability, and vigor information successful Nigeria.

PETROAN’s remarks travel amid the emergence of caller optics successful the country’s downstream lipid assemblage arsenic the Dangote Refinery resumes refined products income successful dollars.

Barely hours aft Dangote Refinery’s caller terms template, depot owners hiked their ex-depot petrol terms to arsenic precocious arsenic N1245 per litre from astir N1080 per litre.

Reacting to the caller marketplace dynamics, PETROAN said the cognition of Nigerian government-owned refineries would beryllium the country’s redeeming grace to sorb terms volatility.

The National President PETROAN, Billy Gillis-Harry, said, “Marketers gain successful naira. If they indispensable present root dollars to unafraid the product, each fluctuation successful the speech complaint becomes a fluctuation successful pump prices, and each scarcity of overseas speech becomes a scarcity of fuel.

“It does not lick for the leverage a azygous supplier holds implicit price. This is the case...