Build modular refineries to avert fuel hike, Abuja Chamber of Commerce tells FG

Tony Ejinkonye,the President of Abuja Chamber of Commerce and Industry,  has called on the Federal Government to as a matter of urgency build modular refineries to avoid further increase in the fuel price.

Ejinkeonye was speaking against the backdrop of the comment of Minister of State for Petroleum, Ibe Kachikwu, over purported plan to increase price of fuel by the Federal Government.

Kachikwu,had  while addressing journalists at the State House after meeting the President on Monday indicated that government would not heed former NNPC Group Managing Directors’ (GMDs) advice.

Kachikwu’s statement comes a day after former GMDs of  NNPC, advised the government to increase the price.

The former NNPC  chiefs argued that the current price cap of N145 per litre of petrol was not congruent with the liberalization policy”

The removal of the cap under a liberalised market environment would allow marketers of petroleum products to sell at a comfortable price based on factors such as the exchange rate and international crude price.

The Naira exchange rate had gone down by over 50 per cent to about N412 since the current petrol

Ejinkeonye said  that “ACCI believes that it is  impossible not to have a price increase with the forex situation as it is, unless we are going back to subsidy of products.

He advised the Federal Government to let Nigerians know where it is heading to on the issue of fuel adding that “government should face reality and not flip flop on decisions”.

According to him it is better for Nigerians to understand where we have found ourselves and not delay what we ultimately know must happen.
“Government should as a matter of urgency build modular refineries as we have urged for years instead of building more petrol stations,” he said.