AgriNewsBreakingCampus NewsCelebritiesEducationEntertainmentForeign NewsLocal NewsLocal Politics

Breaking: Buhari Will Reduce Petrol Pump Price Soon – Osinbajo

0
Breaking Buhari Will Reduce Petrol Pump Price Soon - Osinbajo
Breaking Buhari Will Reduce Petrol Pump Price Soon - Osinbajo
EditorBy

Breaking: Buhari Will Reduce Petrol Pump Price Soon – Osinbajo

By Editor

Vice President Yemi Osinbajo says the government is working to get Nigeria’s refineries running to cut fuel imports.

  “We’re unbundling the NNPC so its units can operate effectively,” he told Bloomberg in an interview. On refinery operations, he noted, “Two refineries are coming back up. But we’ve already seen the inefficiencies and high costs. If you refine at 60% capacity but spend 20% more than a private refinery would, there’s a clear problem.”   Osinbajo said the government aims to streamline the NNPC’s role, focusing it on regulation and cutting fuel prices.   “We plan to build private refineries on old refinery sites to use existing infrastructure. In the medium term, this should lower pump prices because we’ll import less. Local production will increase,” he said.   He also highlighted ongoing efforts to support over 30 modular refineries, many of which are waiting for feedstock guarantees.   “We’re addressing the feedstock issue. Once resolved, we’ll lower fuel prices and reduce imports. The NNPC will shift to a regulatory role while the private sector drives the downstream industry.”     Also Read: Mexico Expresses Concern Over U.S. Steel Tariffs

Discover more from Breaking News

Subscribe to get the latest posts sent to your email.

Previous
Next

You may also like

Comments are closed.

More in:AgriNews