The Nigerian National Petroleum Company Limited, NNPCL, has described as false the notion that petrol prices would reduce in the country when it begins domestic production.
Mele kyari, Group Chief Executive Officer of NNPCL during an interview on Arise television in Abuja on Thursday, disclosed that the local production of petrol by Port Harcourt Refining Company, Dangote Refinery and others in Nigeria will not change the pump price of the commodity.
He said despite the volume of petrol being expected from local facilities, the cost of the commodity would not reduce as there will be no subsidy when local production starts.
“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,” he said.
“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 added.
