Can Fuel Price Drop to N700 Per Litre? Tonye Cole Speaks in Video

• Oil and gas expert, Tonye Cole, has expressed optimism that fuel prices would likely reduce with the repair of national refineries in Nigeria
• Cole, however, explained that fuel may not drop to the N700/litre mark due to some issues that the country has to deal with
• Legit.ng reports that currently, the price of fuel in Nigeria is above N1,000, much to the displeasure of many citizens

Legit.ng journalist Ridwan Adeola Yusuf has a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Port Harcourt, Rivers state - Tonye Cole has said "there has to be a concise and dedicated policy of ensuring that there is the manufacturing of critical fuel components so that Nigeria does not need to import those pieces of machinery".

Cole, the governorship candidate of the All Progressives Congress (APC) in Rivers state in the 2023 general elections, spoke on Channels Television's 'Politics Today' programme on Tuesday evening, November 26. The programme was monitored by Legit.ng.

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Cole reacts to Port Harcourt refinery revival

The erstwhile Rivers gubernatorial candidate spoke against the backdrop of the trending update that the Nigerian National Petroleum Company (NNPC) Limited fulfilled its pledge of re-streaming the Port Harcourt Refining Company (PHRC), signalling the commencement of crude oil processing from the plant and delivery of petroleum products into the market.

Ask about the possibility of Nigerians buying fuel for N700 per litre considering the NNPCL's efforts, the one-time group executive director of energy conglomerate Sahara Group, explained:

"There are certain things that you have to deal with. First of all, there are many components that you are still bringing in. All the things that were refurbished in the refinery were refurbished by machining brought into the country. So we still have a huge foreign exchange component that we have to deal with."

Cole added:

"There has to be machining of tools and replacement parts here in Nigeria for refineries that are here, for you to begin to see all of those gains. As long as we are still importing turbines, importing bolts, knots, screws, and all of that, we have an issue."

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After Port Harcourt refinery, Shehu Sani mentions 1 fuel processing facility Nigerians look forward to

Watch the video below:

Sani reacts Port Harcourt refinery begins operation

Earlier, Legit.ng reported that former Kaduna senator, Shehu Sani, shared his reaction after the Port Harcourt refinery commenced crude oil processing.

Shehu Sani in a post shared on his X page on Tuesday, November 26, hailed the NNPCL led by Mele Kyari. He stated that the refinery's operations should lead to a reduction in petroleum prices and improve the lives of Nigerians.

Source: Legit.ng