Vice President says petrol would soon be cheap

Nigerian Vice-President, has revealed the federal government's plans to reduce the price of petroleum products in the country.

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In an interview with Bloomberg in the United Kingdom, where he had gone to sign the Nigeria-UK solar energy agreement, the Reedemed Christian Church Of God Pastor said the government have concluded plans to encourage private investors to run refineries in other to produce cheaper petrol for the masses.

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"We are going to be unbundling the NNPC so that its various components are effective core centres and are able to do their business well. We are going to have private refineries at the site of the old refineries, so they can benefit from the available infrastructure. So, we think that in the medium term, we would be able to get cheaper pump price, pump price of oil would be cheaper because we would be importing far less refined petroleum. A lot of that will be produced locally," he said.

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Speaking further, Osinbajo said the country has over 30 modular refineries licences who are billed to feed stock in other to reduce pump price and get the whole business of importation of refined petroleum.