Fuel Price to Decrease as Local Refineries Begin Operation – Tinubu

Very soon, some of our local refineries will start production, and the current exorbitant prices of fuel energy will be greatly reduced -President

President Bola Ahmed Tinubu on Sunday reassured Nigerians that some local refineries would soon begin production of petroleum products.

The President, who gave the assurance during the 11th Convocation ceremony of the Michael Okpara University of Agriculture Umudike, (MOUAU), said that the current exorbitant price of fuel would crash when the local refineries come on stream.

This is coming six months after his declaration that the Port Harcourt refinery would resume operation by December 2023 upon assumption of office on May 29, this year.

Represented by the Executive Secretary of the Agricultural Research Council of Nigeria, Professor Garba Sharubutu, Tinubu acknowledged the prevailing economic hardship in the country, but assured that it would soon subside once the local refineries commence operations.

“Very soon, some of our local refineries will start production, and the current exorbitant prices of fuel energy will be greatly reduced,” he said.

He appealed for patience and continued support from Nigerians for his administration as efforts were made to address the challenges in the country.

“Bear with us and remain resolutely in support of this administration as we would leave no stone unturned in reversing the severe hardships that our people are currently passing through.

“Part of the supplementary budget that the Parliament has approved will be applied to bring interventions to critical segments of the agricultural sector.

“The burden of insecurity is clearly a major challenge in Nigeria, but I assure you that in no distant time, it will become history.”

The President tasked the universities of agriculture in the country with rising to the challenges of food scarcity.