Former Managing Director of the Asset Management Company of Nigeria (AMCON), Mustafa Chike-Obi, says functional refineries would not reduce price of petrol.

Chike-Obi stated this on his Twitter handle on Sunday.

There are opinions that the cost of Premium Motor Spirit (PMS) will reduce when the nation’s refineries are in good shape.

Chike-Obi declared that the belief is not supported by facts.

“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”, he tweeted.

The federal government announced new ex-depot price of petrol on September 2.

Within 24 hours, marketers jerked up pump price of petrol to N160 – N163 per litre from N140 – N143.

Nigerians, organised labour and the civil society have condemned the increment.