Nigerian Government to Reduce Fuel Price Below N100 Per Litre

Ita Enang, the President's Senior Special Assistant on Niger Delta Affairs, announced this at a press conference in Abuja on Tuesday.
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Muhammadu Buhari, President of Federal Republic of Nigeria

According to the federal government, a proposal to hold a national conference on incorporating artisanal/modular petroleum refinery operations to increase product capability and lower petroleum product prices has been finalized.

Ita Enang, the President's Senior Special Assistant on Niger Delta Affairs, announced this at a press conference in Abuja on Tuesday.

The conference will be held on March 16 and 17 by the Presidency in cooperation with the Federal Ministry of Finance, Budget, and National Planning.

Mr. Enang said that the summit's outcome would aid in the country's petroleum product prices collapsing.

He went on to say that the conference's aim was to incorporate local refining capacity into the refining of petroleum products like gasoline, kerosene, diesel, and other petrochemicals.

The conference, he claims, will mobilize all Nigerian properties, including technologists, engineers, and other related disciplines, such as those who produce petroleum products at the creeks.

He said,

“As the cost of crude goes higher, the price of refined petroleum products goes higher, but if we refine these petroleum products in Nigeria, the cost will be very low.

“The intendment of the conference is to mobilise these resources so that we can bring the prices of refined petroleum products down to below N100 per litre.”

Mr. Enang went on to say that the conference would help protect the environment, noting that it would not legitimize illegal mining, but rather integrate operators into the legitimate refining process.

He also said that the conference was necessary because the National Assembly had committed to passing the Petroleum Industry Bill by April.

Most of the issues that will be addressed at the conference are such issues that will require legislation, so any agreement that will be reached which requires legislation will be accommodated in the PIB,” he disclosed.