'Buhari'll Reduce Petrol Pump Price By 50% Per Ltr' — David West

 

Former  Minister of Petroleum and Energy, Prof. Tamunoemi David-West, said that Nigerians should expect sharp drop in petrol price by 50% from the current N87 to about N40 per litre, saying, “the president-elect, Gen. Mohammed Buhari, will reduce the fuel pump price to N40 per litre.”

 

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.

 

"The president-elect is familiar with the petroleum industry, 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.

 

"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 added.

 

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.

 

“Where did they get funds to import the product, given the nature of the forex? If after the presidential election fuel is still available as if nothing had happened, it is then apparent that there is no fuel subsidy.

 

“It would be difficult for him, to unitarily remove subsidy without the proper consideration of the plight of the major players in the sector. he will need to re-appraise the cause of inefficiency of the sector.

 

"The president-elect, with his pedigree and respect for the rule of law, will completely phase out importation by the time the local refineries are working, this will totally remove subsidy.

 

“I am optimistic that the president-elect will look into the subsidy regime as soon as he finally settles down for the business of governance. He stressed that renewed attention will be given to the revamping of the four refineries as well as focus on the construction of new ones.

 

“In the long term, through the confidence that will be restored in the downstream and upstream sectors, investors will be encouraged to do business which will stimulate the growth from the level it is".