The Independent Petroleum Marketers Association of Nigeria (IPMAN) says the local production of crude oil was the surest way to crash the retail price of products.

Chinedu Anyaso, the chairman of IPMAN, Enugu Depot Community in charge of Anambra, Ebonyi and Enugu, said this in an interview on Friday in Awka.

“We need to revitalise the existing four refineries, operationalise the Dangote refinery, and build more nodular refineries to meet local demand,” he said.

The IPMAN chairman said opening the import window by issuing licenses to more private investors was also a good strategy to ensure sufficient supply.

He said the increase in petrol price due to subsidy removal also affected marketers because there had been a significant reduction in demand for the product.

The chairman hailed the recent inauguration of the Dangote refinery while expressing hope that it would commence production as soon as possible.

“We need to revitalise the existing four refineries, operationalise the Dangote refinery, and build more nodular refineries to meet local demand.

“There is also a need to give approval for more people to import products to ensure sufficient supply in the short and medium term,” he said.

Mr Anyaso said local refining would also have a positive spillover effect on the prices of other products like diesel, kerosene and gas, as they would not need foreign exchange.

Meanwhile, petrol now sells between ₦540 to ₦550 per litre in Awka, Anambra State capital.

This is in contrast to the recently published price of ₦520.

(NAN)