The Federal Government on Wednesday revealed plans to reduce the price of petroleum below N100 per litre across the country.
The Senior Special Assistant on Niger Delta Affairs to President Muhammadu Buhari, 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.
He further stated that the conference will help to integrate local refining capacity into refining petroleum products.
“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.”
This is coming after the Federal Executive Council which was presided over by President Muhammadu Buhari on Wednesday approved contracts for the construction of three sub-stations in Kano and Benue States.
FEC also approved contracts for the extension of transmission lines in Umuahia, Abia State and Mbano, Imo State.