Mustafa Chike-Obi, ex-Managing Director of the Asset Management Company of Nigeria (AMCON), says utilitarian refineries would not decrease the price of petroleum in Nigeria.

Mustafa Chike-Obi, disclosed this on his official Twitter account on Sunday.

The opinions that the price of Premium Motor Spirit (PMS) will come down when the nation’s refineries are functioning.

Former Managing Director announced that the opinions arr not backed up with facts.

He tweeted: “Nothing major produced in Nigeria has ever been cheaper than the foreign alternative. Not sugar, rice, textiles, flour, or even cement. Importation of PMS will be banned and we will pay more eventually".

The federal government proclaimed the new ex- depot price of fuel on 2nd September, 2020.

Within a short period, the marketers hiked the pump price of fuel to N160 – N163 per litre from N140 – N143.

Meanwhile, Nigerians, organised labour and the civil society have castigated the fuel and other essential commodity increments in the country.

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