PUNCH
The National President of the Petroleum and Natural Gas Senior Staff Association of Nigeria, Festus Osifo, has projected that the cost of Premium Motor Spirit (petrol) may rise soon if crude oil continues to increase in price.
Osifo said this at the PENGASSAN’s National Executive Council Meeting on Thursday in Lagos.
He called for better exchange rate management, warning of potential price hikes as crude prices rebound.
“The crude price rose to $80 per barrel today. Without exchange rate improvements, PMS prices will increase in the coming weeks,” Osifo stated.
He also pointed out that the exchange rate collapse was behind high fuel prices nationwide, despite the commencement of the operations of domestic refineries, though not at full capacities.
He dismissed misconceptions about refining processes, emphasising that achieving a quality Premium Motor Spirit requires multiple refining stages.
Osifo, said, “The old Port Harcourt refinery is functional, and there is significant progress at the Kaduna and Port Harcourt refineries. Refineries globally engage in blending operations; it is a normal part of the process.”
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