Making this known at a public hearing on the review of petroleum pricing template for Premium Motor Spirit, organised by the House of Representatives in Abuja, the Minister of State for Petroleum Resources,Ibe Kachikwu, explained that within two years, the Federal Government revived refineries that were non-functional to contribute about eight million out of over 20 million litres of petrol consumed in the country daily.
He also stated that the Federal Government initiated a model which attracted foreign investors to partner with the Nigeria National Petroleum Corporation to repair the refineries within the two years period.
According to him, the ministry intends to create an enabling environment that would promote local refining of crude oil.
On the possibility of reducing the fuel pump price, Kachikwu said there was no padding in the petroleum pricing template for Petrol currently sold at N145 per litre.
It is the hope of many Nigerians that the 2019 deadline set for the end of importation of refined petroleum products will be achieved.
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