Fuel Price Will Come Down Soon – NAGOSA, PETROAN

The Natural Oil and Gas Suppliers Association of Nigeria, NAGOSA, and the Petroleum Products Retail Outlets Owners Association of Nigeria, PETROAN, have expressed optimism about reduction in the price of petroleum products in Nigeria.

Speaking during a joint inauguration of the Akwa Ibom State chapters of the organisations in Uyo, the National President of NAGOSA, Mr Kenneth Korie, noted that the price would significantly reduce when the refineries, especially the Port Harcourt Refinery comes on board in no distant time.

Korie, who is also the Managing Director of Umpire Energy, blamed the current hike in the price of the products on importation.

He noted that the high cost of the products had affected not only the consumers but the marketers as well.

According to him, some retail outlets are not able to keep their businesses afloat due to the high cost, thereby making so many filling stations and gas plants to close down across the country.

He said, “There is hope that the price of fuel and other petroleum products will come down. The Group Managing Director of Nigeria National Petroleum Corporation has given assurance concerning that before the National Assembly.

“I’m 100% sure that there will be a serious reduction in the price of petroleum products as soon as our four refineries come up – 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.”

Korie also charged the newly inaugurated state council of NOGASA to ensure a total clampdown on adulterated products as well as hoarding of products.

On his part, the National President of PETROAN, Dr Billy Harry, said the union would work in collaboration with NOGASA and relevant bodies in ensuring that the importation of petroleum products is reduced to the barest minimum.