Petrol price to come down - Vice President Yemi Osinbajo.

The Vice President, Prof. Yemi Osinbajo, has said the government intends to bring down the price of petroleum products in the country. He said while the country does not intend to sell the existing refineries owned by the government ,it would encourage private investors to establish new ones.
 
Osinbajo revealed this in an interview with Bloomberg on Tuesday  which was published by Bloomberg on Thursday.

Osinbajo said the fastest ways to achieve this was by refining more petroleum products in the country and reducing the volume of imported products.He said while the country does not intend to sell the existing refineries owned by the government, it would encourage private investors to establish new ones.
“In the medium term we will be able to get cheaper pump-price oil because we will be importing far less refined petroleum,” Osinbajo told Bloomberg.

 

Speaking on the Petroleum Industry Bill, Osinbajo said the President Muhammadu Buhari administration intends to split the bill into several sections in order to speed up its passage.

The bill had been in the National Assembly since 2007.

Osinbajo said breaking up the bill into smaller laws focused on fiscal and regulatory measures in Nigeria’s energy industry would make it easier to pass through the National Assembly.

He said: “Separating the PIB, breaking it up, obviously is the way I would think that we’ll proceed.

“That’s really what the market has been waiting for.”