The Chairman, Independent Petroleum Marketers Association of Nigeria, IPMAN, in Ogun State, Adeleke Bada, has agreed with the former Minister of Petroleum, Prof. Tam David-West, that petroleum pump price can actually sell for N40 per litre in Nigeria.
Bada said this in an interview with journalists after the association’s Annual General Meeting in Abeokuta.
Bada, who was flanked by other members of the executive of the association, reacted to the advice given by former Minister of Petroleum Resources, David-West, to the President-elect to reduce the pump price to N40.
But he said this could be possible now, if the country refined all crude oil in the nation’s refineries.
He said “Reducing the pump price of a litre of fuel to N40 is possible only if the refineries are working. If you look at the nature of the market presently, that isn’t realistic. Do we have the refineries?
“The only reason that it can be possible is when we have our own refineries and we do not export our crude oil for processing. If the processing is done in Nigeria, then it can be sold at the rate of N40.”