A former governorship candidate in Rivers State, Pastor Tonye Cole, has said that Nigerian refineries cannot sell a litre of Premium Motor Spirit for N700 or below at this point.
Cole said this on Channels Television on Tuesday, hours after the Nigerian National Petroleum Company Limited, NNPCL, announced that Port Harcourt refinery has kicked off refining of crude oil. The NNPC said the plant will begin at 60 percent capacity with 60,000 barrels per day. The NNPCL also said that the Warri Refinery will soon commence petroleum product production.
'So, Nigerians are already benefiting from that. Secondly, the volume of consumption in Nigeria has dropped, as a result of that, the pressure you used to have on foreign exchange has gone down because we're no longer importing that much. 'What you're selling is in naira, naira is what you use in buying crude, so we're already feeling the impact of that,' he added. On why the product is not being sold below N700, Cole said, I don’t think we'll get it .
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