The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said that the local production of crude oil was the surest way to crashing the retail price of products.
Mr Chinedu Anyaso, Chairman of IPMAN, Enugu Depot Community in charge of Anambra, Ebonyi and Enugu said this in an interview with the News Agency of Nigeria (NAN) in Awka on Friday.
Anyaso said another strategy was to open up the import window by issuing licenses to more private investors to ensure sufficient supply and competitive pricing.
He said the increase in the price of Premium Motor Spirit as a result of withdrawal of subsidy was also affecting marketers because there had been a significant reduction in demand for the product.
The Chairman hailed the recent inauguration of the Dangote refinery while expressing hope that it would commence production as soon as possible.
According to him, the only way to address the current price hike in the long run is to commence local production.
“We need to revitalise the existing four refineries, operationalise the Dangote refinery and build more nodular refineries to meet local demand.
“There is also a need to give approval for more people to import products to ensure sufficient supply in the short and medium term,” he said.
Anyaso said local refining will also have a positive spillover effect on the prices of other products like Automotive Gas Oil, Dual Purpose Kerosene and Liquefied Petroleum Gas as there would not be need for foreign exchange on them.
Meanwhile, PMS now sells for between ₦540 to ₦550 per litre in Awka, the state capital.
This is in contrast to the recently published price of ₦520.(NAN)