The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has expressed optimism for a reduction in fuel pump price, adding that the Federal Government is giving relevant parties a chance to reduce the cost of petrol.
This followed the lifting of petrol by the Nigerian National Petroleum Corporation Limited (NNPC Ltd) from the Dangote Petroleum Refinery on Sunday.
Edu who was present during the lifting of the petrol congratulated the Founder of Dangote Refinery, Aliko Dangote and his team for the feat.
He also congratulated the NNPC Ltd, led by the Group Chief Executive Officer, Mr Mele Kyari, the Ministry of Finance, and the Chairman of the Federal Inland Revenue Service (FIRS) for their respective contributions so far.
The minister opined that Nigerians look forward to energy security and energy sufficiency, adding that relevant stakeholders “can also address the issue of cost.”
He said the fuel pump price will ultimately reduce, with more efficient manufacturing at full capacity and sustained local petrol distribution.
According to him, since today marked the commencement of petrol lifting from the Dangote Refinery, the federal government has given relevant oil stakeholders a chance to reduce petrol prices.
He said, “We’re expecting that as this refinery, and even others, ramp up production, scale, and achieve greater economies of scale, there should be the opportunity and there is definitely the potential to reduce their costs, which should be passed on to the consumer.
“So, we have to give them a chance. They have just started, and they have done very, very well.”