INCREASE IN THE PETROL PRICE IN NIGERIA IS GOOD FOR THE ECONOMY- Minister of Finance.

The Nigeria Minister of finance, Bugdet and National Planning, Mrs Zainab Ahmed noted that even when the Africa richest man Aliko Dangote, refinary begins its operation next year as proposed, it may not lead to any significant reduction in the petrol price because the price will be of international Standard.

Mrs Zainab said the derelugation of the sector, which led to the increase in the petrol price was good for economy as it would encourage investment in refinaries.
She also said  the NIgeria National Petroleum Corporation (NNPC)  would not be able to rehabilitate  the Goverment-owned refinaries as they are old and there is a need to encourage new and privatly-owned refinaries.

Trying to explian her point, she said '' Those refinaries are old  end even if they are turn around, they will not be able to operate are optimal capacity, so while the NNPC are trying to rehabilitate them, we also should also encorage the private sector refinaries to come on stream, even if the goverment-owned have the capacity''

The minister also explianed that if the private refinaries are encourage, more will be created and it will serve as a job opourtunity for Nigerians and there will be no need to rely on the Goverment for more jobs.

Moreover the Minister of State for Pertoleum Resources, Timpire Sylva also said having petrol being locally refined will not lead to the decrease of the pump price of petroleum because what is responsible for the high price of petroleum is the crude oil which its cost is still high in the market.
Mr  Sylva said the only thing that could make the local production cheaper is the shipping expenses, adding that the cost of Labour will not be too different from the International standard, because local refinaries will be paying expatriates.

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