‘FG Plans To Sell Petrol For Less Than N100 Per Litre’
LAGOS SEPTEMBER 19TH (NEWSRANGERS)-The Senior Special Assistant to President Muhammadu Buhari on Niger Delta Affairs, Senator Ita Enang has said that plans were on the way to sell petrol less than N100 per litre.
Senator Enang said as soon as local refineries begin operation, the price of petroleum products would be forced to crash.
He disclosed this during a meeting with the Domestic Refinery Owners Association of Nigeria who paid him a visit in Abuja.
He explained that the reason why petroleum products prices are high is because the process of extracting, exporting, refining and bringing it back to Nigeria is very cumbersome and expensive.
“As we succeed with you, which I believe that we will succeed, we will eliminate and be able to crash the price of refined petroleum product because what makes refined petroleum products costly is one, the cost of freight, sending it abroad to be refined, you pay Port Authority, you pay NIMASA, you pay for chatter of the vessels that take it there, you pay the duties in the in Nigeria, you pay the duties in the country that it is landing, you pay the duty of those countries, you pay the labour of those countries where they refined and then you bring them back, you pay the freight, you pay the vessel if it is not landing early and it is hanging somewhere in the sea, and all that is transferred to the price of the refined products.
“And finally you’ll now see that NNPC will put their price, Petroleum Price Agency will put their price.
“So what Nigerians are actually paying for is not the real cost of the product, it is the services, and by the time we engage with you and we are able to have the domestic Nigerian Refinery, all those other charges will be eliminated and like you have been telling me, the price of refined petroleum products will come under N100 per litre”, he further explained.
He further said that subsidy payment wasn’t benefiting ordinary Nigeria, but just a few corrupt individuals, hence the need to remove it became necessary.
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Posted by News Rangers
on Sep 19 2020. Filed under National.
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