The reason why petrol pump prices won’t go down - Media Aide, Ajuri Ngelale

Ajuri Ngelale

The price of petrol at filling stations will not go down even if all five Nigerian refineries are working at full capacity and producing the most amount of the product.

This is according to the statements made by President Bola Tinubu's Special Adviser on Media and Publicity, Ajuri Ngelale while he was a guest on Television Continental's talk show, "Your View".

During the television interview, Ngelale dismissed the idea that having more refineries will bring down the price of petrol as a myth that doesn't happen anywhere in the world

He said: "Even if we have the most refineries producing the most PMS in the world, you will find that the most prolific PMS producers with their refineries...if you go to see what they are charging in their pump, you will find that it's no different from those countries that don't have refineries.

The presidential spokesman said that the reason why the price of the pump will not go down irrespective of what your refining capacity is as a country is that nobody spends billions of dollars on building a refinery because of charity or because of corporate social responsibility, but to make money.

So that is why you find that no matter how many oil marketers you have bringing the product into the country, no matter how many refiners you have, producing massive amounts of PMS, the price is dependent on the international benchmark of what the cost of crude oil per barrel is.

When the oil price is high, the price in the pump will go up, when the oil price is p is low, the price will go down. These are market fundamentals that are determined, not in one country, but on the international stage"

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