Nigerian Vice-President, Yemi Osinbajo has revealed the federal government's plans to reduce the price of petroleum products in the country.
In an interview with Bloomberg in the United Kingdom, where he had gone to sign the Nigeria-UK solar energy agreement, the Reedemed Christian Church Of God
Pastor said the government have concluded plans to encourage private
investors to run refineries in other to produce cheaper petrol for the
masses.
"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," he said.
