Lai Mohammed, Minister of Information and Culture, has assured Nigerians that the price of petrol will drop soon.
He said this during a media tour of the Waltersmith Modular Refinery and Petro-Chemical Company Limited in Ibigwe, Ohaji Egbema Local Government Area of Imo State on Tuesday.
The modular refinery is due for commissioning next month.
“With this kind of refinery, all issues of subsidy become completely irrelevant because we would be able to get fuel at a cheaper price, especially because everything that is being produced will be for local consumption,” he said.
Mohammed lauded the partnership between the Waltersmith Refinery and the Nigerian Content Development and Monitoring Board that holds a 30 per cent stake in the refinery, which will start with 5,000bpd, add 25,000bpd in the second stage and then another 20,000bpd to bring the capacity to 50,000bpd in the third and final phase.
Governor Hope Uzodinma of Imo State and some members of the National Assembly were also part of the media tour.
Abdulrazaq Isa, the Chairman of Waltersmith Modular Refinery and Petro-Chemical Company Limited, said from 14 October 2020, 23 trucks will commence the loading of products such as Diesel, Kerosene, Heavy Fuel Oil and Naphtha from the refinery.