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 […] Revival of Nigerian refineries…
The Independent Petroleum Marketers Association of Nigeria (IPMAN) has stated that the revival of Nigeria's refineries—Port Harcourt, Warri, and Kaduna—will lead to a reduction in fuel prices. IPMAN's spokesperson, Chinedu Ukadike, revealed this during an interview with DAILY POST. The discussion on fuel subsidy has been gaining traction following a proposal for its reintroduction by Atiku Abubakar, the presidential candidate of the African Democratic Congress (ADC).
Ukadike emphasized that reducing fuel prices, currently priced between N1,230 and N1,299 per litre in Abuja, is achievable through the restoration and revival of Nigeria's refineries, pipelines, and depots. He argued that whether subsidy is removed or not, competition will naturally lead to a decrease in price volatility and significantly lower fuel costs.
In July, industry data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) revealed that Nigeria's three refineries were not operational, further supporting the IPMAN claim that revival of these refineries will reduce fuel prices.
Written by urgent.news from Daily Post Nigeria's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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