Obele disclosed this on Friday in a statement while reacting to the soaring price of fuel after subsidy removal in June.
President Bola Ahmed Tinubu’s administration had pledged to get the Port Harcourt refinery to begin production by December 2023. Heineken Lokpobiri, the Minister of State for Petroleum Resources, reiterated the government’s commitment when he visited the Port Harcourt refinery a week ago. For the oil marketer, Obele, revitalising Nigeria’s local refineries is the solution to economic challenges occasioned by fuel subsidy removal.“Until our nation-owned refineries are functional, fuel prices will keep increasing due to international variables. But when our refineries are functional, Nigerians will buy fuel for less than N200 per litre,” he said.
DAILY POST recalls that after fuel subsidy removal, the price of fuel jumped to over 600 per litre nationwide.