By Kachi Ekile
Refineries in Nigeria have been ordered to ensure an adequate supply of petroleum and its products for local consumption.
The directive was given by President Bola Tinubu on Tuesday, October 29, 2024, and he said it would halt the consistent reliance on the importation of the product.
According to Tinubu, it would also enable the channelling of foreign exchange into the development of the real sector.
He added that the use of the naira was brought about to get rid of the exchange rate challenge.
“Whatever solution we proffer in crude oil and refined products sales in naira should not take us back to our experience in the last 40 years.
“There can be cost and revenue adjustment in the oil sector, but the issue is that the government will not have to go back to the old way of doing things,” Tinubu stated.
On Tuesday, the Nigerian National Petroleum Company Limited (NNPCL) adjusted the pump prices of Premium Motor Spirit, popularly known as petrol, with Nigerians expressing outrage over the latest increment.
The retail price of petrol in Abuja was hiked from N1,030 per litre to N1,060 while in Lagos, it was increased from N998 to N1,025 per litre.
