PMS: Stakeholders Optimistic About Fall In Price
Nigerians have been assured of the possibility of a significant reduction in the pump price of Premium Motor Spirit, PMS known as petrol by some Stakeholders in the Downstream Petroleum sub-sector.
This is as they express hope in the resolution of the current crises in the energy sector.
The National President and Chairman of the Board of Trustees (BoT) of NOGASA, Kenneth Korie,
along with Dr. Billy Harry, his PETROAN counterpart gave these assurances separately after 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.
They specifically anticipate a drop in petrol prices with the expected resumption of operations at the Port Harcourt Refinery in Rivers State in January.
On his part, Korie attributed the current hike in fuel prices to importation and added that the rehabilitation and upgrade of the refineries in Port Harcourt, Kaduna, and Warri are crucial for lowering product prices.
Korie said, “Yes, of course, there is hope. The GMD NNPC has given assurance concerning that before the National Assembly. In all my talks, I have been hammering the Port Harcourt Refinery to come online.
“I’m 100% sure that there will be a serious reduction in the price of petroleum products as soon as our four refineries, including the Dangote Refinery, come up. 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 it is now.”
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