FG reveals plans to reduce fuel price below N100 per litre

The Federal Government yesterday revealed plans to reduce the price of petroleum below N100 per litre across the country.

The Senior Special Assistant to the President on Niger Delta Affairs, Ita Enang, said the price will be reduced when Nigeria refines the products locally.

Enang, while speaking at a press conference in Abuja, said the presidency in collaboration with the Federal Ministry of Finance, Budget and National Planning, has concluded plans to hold a national conference on integrating artisanal/modular petroleum refinery operations aimed at improving the capacity of the products and crashing the prices of petroleum products.

His words: “As the cost of crude goes higher, the price of refined petroleum products goes higher; but if we refine these petroleum products in Nigeria, the cost will be very low. The intendment of the conference is to mobilise these resources so that we can bring the prices of refined petroleum products down to below N100 per litre”.

He further stated that the conference will help to integrate local refining capacity into refining petroleum products.

This is coming after the Federal Executive Council, (FEC), which was presided over by President Muhammadu Buhari yesterday approved contracts for the construction of three sub-stations in Kano and Benue States. The FEC also approved contracts for the extension of transmission lines in Umuahia, Abia State and Mbano, Imo State.

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