Vice-President Yemi Osinbajo says that the government is
working to reduce the price of petroleum products by
encouraging and working with private refineries and
reducing importation. Osinbajo, who is in the UK to sign the
Nigeria-UK solar energy agreement, told Bloomberg in an
interview...
"We are going to be unbundling the NNPC so that its
various components are effective core centres and are
able to do their business well. We are going to have
private refineries at the site of the old refineries, so they
can benefit from the available infrastructure. So, we think
that in the medium term, we would be able to get
cheaper pump price, pump price of oil would be cheaper
because we would be importing far less refined
petroleum. A lot of that will be produced locally.
“Now, we have well over 30 modular refineries licences,
so we think a lot of modular refineries would come. Many
of them, their major concern is feed stock, are we going
to be guaranteed feed stock? We are working on that.
Once we are able to deal with that, we feel we would
substantially be able to reduce pump price and get the
whole business of importation of refined petroleum and
the NNPC just getting directly involved in business; we are
going to reduce that. The objective is to make the NNPC
play more regulatory function.
“They are options that are always there. But we think that
there are ways we can raise our own potion of
contribution to the Joint Ventures. It will only be a last
resort and we have not come anywhere near that.”
Osinbajo said
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