Petrol Price Hike: Modular Refineries Only Way Out, Ejinkeonye Tells FG

The President, Abuja Chamber of Commerce and Industry,  ACCI, Mr Tony Ejinkeonye, yesterday, said  modular refineries remained the only way to avoid fuel price hike. This is coming on the heels of the fuel price hike suggestion by former Group Managing Directors, GMDs, of the Nigerian National Petroleum Corporation, NNPC, a position the Federal Government swiftly rejected. Ejinkonye in a statement in Abuja, said: “Government should urgently build modular refineries as we have urged for years instead of building more petrol stations. ACCI believes that it’s impossible not to have a price increase with the current forex situation, unless we are going back to subsidy of products.

“It is better for Nigerians to know and understand where we are and not delay what we know must happen on the issue of fuel.” He advised the Federal Government to let Nigerians know where it was heading on the issue of fuel, adding that “government should face reality and not flip flop on decisions.”

Former NNPC GMDs rose from a meeting in Abuja last weekend, advising the Federal Government to remove the N145/litre price cap. They argued  that the price ceiling was “not congruent with the liberalization policy. If the cap is removed, marketers will be able to sell petroleum products at their comfortable price based on exchange rate and international crude price.”