Fuel To Reduce From N87 to N40

Nigerians should expect drastic drop in petrol price from the present N87 to about N40 per litre, “the president-elect, Gen. Mohammed Buhari, will reduce the fuel pump price to N40 per litre” said the ex-Minister of Petroleum and Energy, Prof. Tamunoemi David-West.

In a telephone interview with Vanguard, 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.

His words: “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.

The major assignment of the president-elect when he is eventually inaugurated is to restore confidence to the industry.

He noted that the president-elect is familiar with the petroleum industry, adding that he is a straight forward person that has respect for democratic principles.

“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 characterised 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 Ma intenance TAM, for the refineries. He added that on countless occasions, he had argued that the country is forced to pay for scam carried out by oil cartel.

Also contributing, a UK-based economic analyst, Mr. Seyi Odetola, noted that the president-elect has expressed doubts on the credibility of the subsidy claim. He added that there may be the need to investigate the several claims made by marketers, which will further reinforce his earlier submission on the subsidy claim.

According to him; “The fact that most filling stations in the country are now dispensing petroleum products after the presidential election, despite the threat by major oil marketers to stop selling the product, in view of the subsidy arrears owed to them by the Federal Government, indicated that most of the marketers have been benefiting from the fraud.