NEW FUEL POLICY COMING SOON

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Minister of State for Petroleum Dr. Ibe Kachikwu, said yesterday that the Federal Government will build three refineries in Kaduna, Port Harcourt and Warri to end fuel crisis permanently. He said when completed as planned by 2018, Nigeria will, for the first time, start exporting refined petroleum products. He also unveiled the government’s plan to provide every household with free gas cylinder before the end of next year, to stop dependence on kerosene for cooking.

The Minister, who is also the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), spoke at a town hall meeting organised by the Federal Ministry of Information in Kaduna. The minister said the Federal Government would in the next few days unveil a new policy to address fuel subsidy.

“We are coming up with a policy in the next few days that will allow us develop the price modulation that allows us swing our price along with international pricing. “We are now transiting into fuel modulating pricing because we do not have sufficient foreign exchange to continue fuel importation we have been doing. “Therefore, NNPC has to produce about 100 per cent of the product that is the cause of the scarcity.

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