Tuesday, 7 February 2017

Nigeria will stop fuel importation by 2019 - Kachikwu

The minister of States for Petroleum, Mr Ibe Kachikwu has said that Nigeria will stop its fuel importation by 2019.

The minister spoke at a public hearing on the review of petroleum pricing template for premium motor spirit organised by the House of representatives.

He explained that the federal government had initiated a model of partnership between the Nigerian National Petroleum commission (NNPC) and foreign investors to repair the country's damaged refineries over the last two years.

“This has consistently served as a target for this government so that by December 2018, NNPC must be able to deliver on some of the terms given them, one of which is to reduce petroleum importation by 60 per cent" he said

“By 2019, we should be able to exist completely on the importation of petroleum products in this country.

“Cognisant of the fact that Dangote is building one refinery, we expect to have an excess situation.”

On the possibility of reducing the fuel pump price, Kachikwu said there was no padding in the petroleum pricing template for PMS currently sold at N145 per litre.

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