Nigeria will stop importing fuel including all refined petroleum products by 2019, Ibe Kachikwu, the Minister of State for Petroleum Resources, said on Tuesday in Abuja.
Mr. Kachikwu said that within two years, the Federal Government revived refineries that were non-functional to contribute about eight million out of over 20 million litres of petrol consumed in the country daily.
He explained that the Federal Government initiated a model which attracted foreign investors to partner with the Nigeria National Petroleum Corporation (NNPC) to repair the country’s refineries within the two-year period.
The minister said that Nigeria must also have the capacity to stop exporting crude oil. According to him, selling crude oil is not different from selling agricultural produce in an unprocessed manner.
On the possibility of reducing the fuel pump price, Mr. Kachikwu said there was no padding in the petroleum pricing template for petrol currently sold at N145 per litre. According to him, 71 per cent of the cost is for the production and freight, 18 per cent balance is covered by depot charges and retailers margin.
Source: Premium Times