Politics

Petrol Price Will Soon Come Down, Says Lai Muhammed

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The federal government has said that petrol will soon be very cheap, despite the removal of subsidy, insidenaija reports.

Information and Culture Minister, Lai Muhammed, made the disclosure on Tuesday during a media tour of the Waltersmith Modular Refinery and Petro-Chemical Company Limited, in Ibigwe, Imo state.

According to him, the government will encourage the establishment of modular refineries in order to crash the price of fuel.

Mohammed added that with the coming on board of medium-scale refineries like Waltersmith, Nigerians will soon experience cheaper petroleum products.

“We can show Nigerians that while every government has been talking about modular refineries, no government has succeeded in turning the dream into reality until now.

“With this kind of refinery, all issues of subsidy become completely irrelevant because we would be able to get fuel at a cheaper price, especially because everything that is being produced will be for local consumption,” he said.

The Minister commended the partnership between the Waltersmith Refinery and the Nigerian Content Development and Monitoring Board that holds a 30 per cent stake in the refinery, which will start with 5,000bpd, add 25,000bpd in the second stage and then another 20,000bpd to bring the capacity to 50,000bpd in the third and final phase.

He said the Administration will continue to showcase its monumental achievements because it has performed well in the execution of projects across the country.

“I am glad we are here today blowing our trumpet because we have created an enabling environment for this project,” he said after he and his entourage, as well as Governor Hope Uzodinma of Imo State and some members of the National Assembly, were taken on a tour of the refinery, one of many of its type that is in different stages of completion in the country.

In his remarks, the Executive Secretary, Nigerian Content Development and Monitoring Board, Mr Simbi Wabote, said the Board believes that at least 10% of Nigeria’s oil production should be refined through the modular refineries, because of its capacity to generate employment.

“With an average of ten direct jobs created for every 1,000 barrels per day capacity of a modular refinery, we believe that about 2,500 direct jobs and over 25,000 indirect jobs can be created if 10% of Nigeria’s production is refined using modular refineries,” he said.

Also speaking, the Chairman of Waltersmith Modular Refinery and Petro-Chemical Company Limited, Mr Abdulrazaq Isa, said from 14 October 2020, 23 trucks will commence the loading of products such as Diesel, Kerosene, Heavy Fuel Oil and Naphtha from the refinery.

“What we are doing is in support of government initiative and this is coming at the right time as the government is deregulating the market,” he said. ”We really support the government policy on deregulation and removal of subsidies because it creates a market for what we are doing.”

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