Fuel price will not reduce – NNPC
The Nigerian National Petroleum Company Limited(NNPCL) has confirmed that the production of Premium Motor Spirit (petrol) by Dangote Refinery, Port Harcourt Refining Company, and other local refineries will not lead to a reduction in the pump price of the commodity.
In an interview on Arise television in Abuja, the Group Chief Executive Officer of NNPCL, Mele Kyari emphasized that the belief that petrol prices would decrease once the country starts domestic production was false.
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Kyari confirmed that the Dangote Refinery, which was inaugurated on May 22, 2023, by former President Muhammadu Buhari would start producing petrol by the end of July and early August.
He also stated that the Port Harcourt Refinery would be delivered by the end of the year, which would further boost local production of petrol.
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Despite the increase in local production, Kyari maintained that the pump price of petrol would remain unchanged.
He said;
“There is a notion that if the product is processed locally, prices will reduce. Let me make it clear that it is not going to change anything. If you produce locally, the refineries will also input the cost of production and other things and it will be sold at the current price.
“There will also be no subsidy when local production starts because there is no cash-to-back subsidy, this country no longer has the resources to continue with subsidy.”
