Petroleum Experts based in Port Harcourt have advocated the need for the federal government to revamp the nation’s refineries for optimum capacity performance.
The petroleum industry watchers made this known to AIT who sought the opinion of how the incessant fluctuations of petroleum products pump price can be addressed.
In less than four months since the outbreak of the COVID-19 pandemic, the federal government has come up with different policies on how petroleum products will be sold on a monthly basis due to the price at the international markets.
Just last month the price of PMS was reduced to #121 from 123.50k, a development that was applauded by Nigerians.
This applause was not sustained as just a few days ago there was an increase of PMS pump price from #140 to #143 per litre which is now giving rise to questions on the rationale behind the increments.
This recent development is not going down well for these petroleum industry watchers hence their call for a need to revamp the nation’s refineries for optimum capacity.
While decrying the present incessant fluctuations of petroleum products pump price, they suggest that if the IOCs can be compelled to refine some of their products it will go a long way to help the petroleum industry.
In order to stabilise the nation’s economy ,there is need for the federal government to also look at the manufacturing sector and agriculture.
According to them, for the country to come out of this quagmire of instability and increase in prices of petroleum products it behoves on the nation’s leaders to have the interest of the masses at heart..
Editor :Ena Agbanoma
