May 23, 2024

NOGASA assures Nigerians of crash in petroleum prices

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NOGASA assures Nigerians of crash in petroleum prices

Ini Billie, Uyo

Natural Oil and Gas Suppliers Association of Nigeria and the Petroleum Products Retail Outlet Owners Association of Nigeria assured Nigerians that the price of Petroleum products will soon crash.

The Petroleum downstream sector stakeholders said when the various refineries are back on steam, it will crash the current hike in the prices of petroleum products occasioned by the fuel subsidy removal. 

Speaking on Tuesday in Uyo during the joint inauguration of the Akwa Ibom State chapters of the organisations, President of Natural Oil and Gas Suppliers Association of Nigeria. Mr Kenneth Korie said he was 100 per cent sure that the prices of petroleum products would be reduced when the refineries begin to function again.

Blaming the current hike on importation of the products, Korie said rehabilitation and upgrade of the refineries is a sure way of bringing down the prices of the products in the country.

“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 on the Port Harcourt Refinery to come on steam.

“I’m 100 per cent sure that there will be a serious reduction in the price of petroleum products as soon as our four refineries come 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 stated.

In his remarks, the National President, Petroleum Products Retail Outlets Owners Association of Nigeria, Dr Billy Harry, described the inauguration of the two associations as unique, adding that it is the first time in the annals of the history of the downstream sector for such to happen.

Harry said it’s only when they work together and act together that they would be able to overcome the challenges in the sector and ensure that Nigeria returns to the time when petroleum products are sold at a price that a common man can afford.

“What we are doing today is unique, it’s epic and it’s the first in the annals of the history of the downstream sector. We are going to make it unique throughout the country because together we can make sure that the importation of petroleum products is reduced to the barest minimum

“Together we can make sure that our refineries are working again, together we can get back to the time when petroleum products are sold at what the common man can afford.

“They say in Nigeria, anything that goes up will not come down again, but I can tell you with the synergy that is coming from retail outlet owners and the supplier’s association of Nigeria, this is going to be something that is going to change the landscape of the economy and the economic activities of the downstream. So, take this meeting as history,” he stated.

While presenting his acceptance speech, State Chairman of NOGASA, Mr Sam Osung promised to partner with the state government and the security agencies to mitigate irregularities within the supply and distribution chain.

“It’s my pleasure that today I am being considered the Chairman of NOGASA in Akwa Ibom State which is the fastest growing stakeholders’ agency. I’m going to do this job with passion, determination and commitment.

“We will partner with the State government, the regulatory agencies representing the Federal Government, the service chiefs and all security agencies available to mitigate irregularities within the downstream supply and distribution chain,” he stated.

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