The Natural Oil and Gas Suppliers Association of Nigeria (NAGOSA) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have expressed optimism about a potential reduction in the prices of petroleum products in Nigeria.
The National President of NAGOSA, Mr. Kenneth Korie, shared this outlook during the joint inauguration of the Akwa Ibom State chapters of both organizations in Uyo.
Korie, who is also the Managing Director of Umpire Energy, attributed the current hike in product prices to importation and highlighted the adverse impact on consumers and marketers alike.
He expressed confidence that the prices would significantly decrease once the refineries, especially the Port Harcourt Refinery, become operational in the near future.
“There is hope that the price of fuel and other petroleum products will come down. The Group Managing Director of Nigeria National Petroleum Corporation has given assurance concerning that before the National Assembly,” said Korie.
He acknowledged the challenges faced by some retail outlets in staying afloat due to the high cost of products.
Korie further stated, “I’m 100% sure that there will be a serious reduction in the price of petroleum products as soon as our four refineries come up – the Dangote Refinery, Port Harcourt Refinery, Warri Refinery and Kaduna Refinery. But we should not expect the price to come down like it was before, because of the high exchange rate, but it will be a bit lower than what is it now.”
He urged the newly inaugurated state council of NAGOSA to crack down on adulterated products and product hoarding.
Dr. Billy Harry, the National President of PETROAN, emphasized collaboration with NAGOSA and other relevant bodies to minimize the importation of petroleum products.