Govt says local refining won’t reduce petrol price

Timipre Sylva

The Minister of State for Petroleum Resources, Timipre Sylva, has said there would not be a major drop in price of petrol even if Nigeria starts refining its oil locally.

The minister stated this while appearing alongside the Minister of Finance, Budget and National Planning, Zainab Ahmed, on NTA’s ‘Good Morning Nigeria’ programme on Monday. According to him, whether price of petrol will be either high or low is based on a major determinant- crude oil.

Sylva said the only thing that could make local production cheaper is that there would not be a need to pay for shipping cost, adding that the cost of labour would not be too different from the international price because local refineries would pay expatriates.

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Source: SweetCrudeReports

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