According to Vanguard, the former minister Prof Tam West says that Nigerians should expect a sharp drop in petrol price from the current N87 to about N40 per litre, saying, “the president-elect, Gen. Mohammed Buhari, will reduce the fuel pump price to N40 per litre.”
In a telephone interview, the former minister argued that Nigeria produces millions of barrels of crude oil daily, and if properly harnessed will boost the performance of the industry.
“I want to assure you that by the time he takes over, petrol will be dispensed at N40 per litre. This is possible and he has the credibility to make it work. As military head of state, he dealt with the Federal Executive Council with the tenets of democracy. Buhari will build new refineries to make petroleum products available for the masses. No responsible government will allow the masses to suffer.
“He will strengthen the refineries within a year. It is possible as we won’t spend any amount in setting up a green field refinery. We already have a blueprint as we shall use what we have to get what we want,” he added. He further stated that on many occasions, the president – elect had disclosed that the subsidy initiative is a fraud which has distorted the progress expected in the sector.
He is also said to have frowned at the spate of corruption, which has characterized the subsidy regime to include the trillions of Naira spent on both Petrol and Kerosene subsidy within the past few years, thus inhibiting efforts to properly carry-out the Turn Around.” he confidently stated.
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