The Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, has stated why local refineries will not affect the current prices of petrol following the fuel subsidy removal.
Kyari made the disclosure in an interview with Arise TV on Thursday while addressing the notion that the Dangote and Prot Harcourt Refineries being operational would cut down the soaring prices of petrol.
While saying that the notion is false, he added that the recently inaugurated Dangote Refinery would start pushing out products by the end of July and early August.
He further shared that the Port Harcourt Refinery would be delivered by the end of 2023 and that it is expected to improve local production of petrol.
On why both refineries will not affect the current fuel prices, Kyari said other things like the cost of production have to be considered.
“There is a notion that if the product is processed locally, prices will reduce. Let me make it clear that it is not going to change anything.
“If you produce locally, the refineries will also input the cost of production and other things and it will be sold at the current price.
“There will also be no subsidy when local production starts because there is no cash-to-back subsidy, this country no longer has the resources to continue with subsidy,” he stated.
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