Former Rivers State governorship candidate, Pastor Tonye Cole, has stated that Nigerian refineries are currently unable to sell a litre of Premium Motor Spirit (PMS) for ₦700 or less.
Cole made this assertion during an interview on Channels Television on Tuesday, following the announcement by the Nigerian National Petroleum Company Limited (NNPCL) that the Port Harcourt refinery has resumed operations.
According to the NNPC, the refinery will initially operate at 60 percent capacity, processing 60,000 barrels of crude oil per day.
The NNPCL also announced that the Warri Refinery would soon begin producing petroleum products.
Despite this, Rivers-born business mogul Tonye Cole stated that there are other factors involved, particularly the importation of machinery.
Cole, a two-time governorship candidate for the All Progressives Congress (APC) in Rivers State, explained that the price of fuel in Nigeria is currently lower than the cost of imported cargo.
When asked why the product is not being sold for less than ₦700, Cole responded, “I don’t believe we’ll reach that price.”
He explained, “There are still various factors to consider. Many components are still being imported.”
He added, “The refinery’s refurbishments were carried out with products and machinery brought in from abroad.”
“As a result, we still face a significant foreign exchange issue that we need to address,” he concluded.
