President-Elect, General Muhammadu Buhari will drop the price of petrol from the present N87 to N40 says a former Minister of Petroleum and Energy, Prof. Tamunoemi David-West. 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. The major assignment of the president-elect when he is eventually inaugurated is to restore confidence to the industry. 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 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.