Marketers say fuel price will reduce by N70/litre if refineries are functional

Oil marketers claim that once local refining is fully operational, the cost of petrol will be reduced by at least N70 a litre.

This was said by Mike Osatuyi, National Controller Operations for the Independent Petroleum Marketers Association of Nigeria, when discussing the advantages of the Federal Government’s investment in working refineries, on Wednesday

He told the media that even though the contracts for renovating the refineries had been issued, it would be a great development for repairs to be finished as soon as possible in order to reduce the strain and significant financial burden of importation on the nation

He said, “The contract has been awarded already before the new government came into office. IPMAN doesn’t know the context of the contract, but if the refineries are working, it would cut freight and ship-to-ship transfer costs.

“Not less than N60/N70 per litre will be off if the refineries start working

He listed other benefits of operational local refining as reduction in insurance costs, reduction in product delivery time, and increase in employment.

According to him, “Cost of insurance would reduce, and then if we keep importing, it takes about 30 days for ships to arrive in Nigeria and we would have to pay for hiring the vessel.

But if we refine in the country, products would arrive within one day. There will also be more jobs for the masses. It’s a lot of benefits.”

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