Revival of Nigerian refineries will reduce fuel prices – IPMAN

The Independent Petroleum Marketers Association of Nigeria, IPMAN, has said the revival of Nigeria’s refineries — the Port Harcourt, Warri and Kaduna refineries — will reduce fuel prices.

The spokesperson of IPMAN, Chinedu Ukadike, disclosed this in an interview with DAILY POST.

His comments came amid the ongoing debate over fuel subsidy following a proposal for its return by Atiku Abubakar, the presidential candidate of the African Democratic Congress, ADC.

According to Ukadike, the best solution to reducing fuel prices, which currently stand between N1,230 and N1,299 per litre in Abuja, is the revival of Nigeria’s refineries.

“The restoration of all the refineries that are working in Nigeria. The restoration and revival of all the pipelines. The restoration and revival of the 21 depots in Nigeria.

“Whether we remove subsidy or not does not arise because competition will calm down the price volatility and reduce prices drastically,” he told DAILY POST.

DAILY POST reports that July’s industry data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, showed that Nigeria’s three refineries were not functional.