Former Minister of Petroleum and Energy, Prof. Tamunoemi David-West says Nigerians should expect sharp drop in
petrol price from the current N87 to about N40 per litre.
According to him, “the
president-elect, Gen. Mohammed Buhari, will reduce the fuel pump price
to N40 per litre.”
In a telephone interview, 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.
“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. 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,” he added. He further stated that 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 is also said to have frowned at the spate of corruption, which
has characterized the subsidy regime to include the trillions of Naira
spent on both Petrol and Kerosene subsidy within the past few years,
thus inhibiting efforts to properly carry-out the Turn Around.” he confidently stated.