Stakeholders in the downstream petroleum sub-sector, including the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) and the Petroleum Products Retail Outlet Owners Association of Nigeria (PETROAN), have given assurances that the ongoing crisis in the energy sector will likely come to an end with the expected resumption of operations at the Port Harcourt Refinery in Rivers State in January.
The national president and chairman of the Board of Trustees (BoT) of NOGASA, Mr. Kenneth Korie, and his PETROAN counterpart, Dr. Billy Harry, expressed confidence that petroleum product prices would decrease significantly once the refineries recommence operations in January. Korie attributed the current price hikes to importation and emphasized that the rehabilitation and upgrade of refineries in Port Harcourt, Kaduna, and Warri are crucial steps to reducing product prices.
He stated, “I’m 100 percent sure that there will be a serious reduction in the price of petroleum products as soon as our four refineries, including the Dangote Refinery, come up. 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 it is now.”
Similarly, the national president of PETROAN, Dr. Billy Harry, described the joint inauguration of the two associations as a unique and historic event in the downstream sector. He emphasized the importance of collaboration between the two groups to overcome sector challenges and restore affordable petroleum product prices.
Harry stated, “Together we can make sure that our refineries are working again, together we can get back to the time when petroleum products are sold at what the common man could afford. With the synergy coming from retail outlet owners and the suppliers’ association of Nigeria, this is going to change the landscape of the economy and the economic activities of the downstream, so take this meeting as history.”
In his acceptance speech, the new state chairman of NOGASA, Mr. Sam Osung, pledged to collaborate with the state government and security agencies to address irregularities and unwholesome practices within the supply and distribution chain. He expressed determination to fulfill his role with passion and commitment.