Fuel Marketers urge Government to act amid Rising Global Oil Prices

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Fuel marketers are calling on the Federal Government to implement urgent measures to prevent petrol and diesel prices from becoming unaffordable for Nigerians. With crude oil prices recently surging to nearly $80 per barrel, analysts warn that pump prices could exceed N1,000 per liter unless proactive steps are taken.

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“The government needs to make more crude available to the 650,000-capacity refinery to ease the burden on the masses,” said Hammed Fashola, National Vice President of the Independent Petroleum Marketers Association of Nigeria.

Fashola recommended that the Presidential Committee on the naira-for-crude initiative peg the price of crude oil allocated to domestic refineries at levels that enable cost-effective production. “This is the time to take advantage of the Dangote refinery. The government needs to work closely with Alhaji Aliko Dangote,” he said.

“The government and local refiners, especially Dangote, need to work out modalities to see how they can improve on the existing arrangements,” Fashola added. “If they can do that, it will help mitigate the impact of the crude surge. But if we are to follow the international crude oil prices, it is going to affect the populace, and I don’t think any average Nigerian will be able to afford fuel anymore.

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