Oil marketers have said local refining will save at least N70 per litre off petrol price when it is fully operational. “We want local refineries to work because we don’t enjoy importing,” he said. Nigeria still relied heavily on petrol importation due to lack of functional local refineries. Since removal of subsidies on May 29, prices of petrol had shot up tremendously, rising from about N198/N200 per litre to N617 per litre. Local consumption has since dropped by 30 per cent from 66 million litres per day recorded before subsidies removal.

Source: Punch August 03, 2023 19:30 UTC