Stakeholders anticipate an imminent decline in fuel prices.

Stakeholders in the Downstream Petroleum sub-sector are providing assurances to Nigerians about a substantial decrease in the pump price of fuel, expressing optimism that the ongoing crises in the energy sector will soon find resolution.

In particular, they are anticipating a decline in petrol prices with the anticipated resumption of operations at the Port Harcourt Refinery in Rivers State in January.

Kenneth Korie, the National President and Chairman of the Board of Trustees (BoT) of NOGASA, and Dr. Billy Harry, his PETROAN counterpart, separately gave these assurances following the inauguration of the Akwa Ibom State chapters of the two industry regulatory bodies at Ibom Icon Hotel in Uyo, Akwa Ibom State, on Tuesday.

Demonstrating confidence, they asserted that they are fully confident that the prices of petroleum products will decrease when the refineries become operational again in January.

Korie attributed the current surge in fuel prices to importation and emphasized that the rehabilitation and upgrade of the refineries in Port Harcourt, Kaduna, and Warri are essential for lowering product prices.

“Yes, there is hope. The GMD NNPC has provided assurance regarding that before the National Assembly. In all my discussions, I have been emphasizing the importance of the Port Harcourt Refinery coming online,” Korie stated.

“I am 100% sure that there will be a significant reduction in the price of petroleum products as soon as our four refineries, including the Dangote Refinery, come online. However, we should not expect the price to drop to the levels seen before due to the high exchange rate, but it will be somewhat lower than the current rates.”