Nigeria should be minting money and selling our petrol & diesel very cheap. Give a lot of people license to start modular refineries, I understand it would cost only $1 million dollars.

Very many Nigerians can afford this, so what are waiting for?

Edo already has two modular refineries awaiting Federal Government approval to commence production of PMS

KnowAll:
Nigeria should be minting money and selling our petrol & diesel very cheap. Give a lot of people license to start modular refineries, I understand it would cost only $1 million dollars.

Very many Nigerians can afford this, so what are waiting for?

$1 million dollars you say?? Dey play, just dey play.

FG granted modular refinery licenses to a number of companies. Funding has been a major challenge for many of them.

Only a few who got the licenses then are now operational. The likes of Walter Smith, NDPR etc

Prudency045:


$1 million dollars you say?? Dey play, just dey play.

FG granted modular refinery licenses to a number of companies. Funding has been a major challenge for many of them.

Only a few who got the licenses then are now operational. The likes of Walter Smith, NDPR etc

How come petrol is still expensive, moreover because a barrel is $97.00 does not mean local companies should be buying it at that price because they are not exporting it, they can buy a barrel in Naira, maybe 30,000.00 per barrel.

Chinjo2:
Edo already has two modular refineries awaiting Federal Government approval to commence production of PMS

Looks like someone is trying to protect Dangote’s investment.

KnowAll:



How come petrol is still expensive, moreover because a barrel is $97.00 does not mean local companies should be buying it at that price because they are not exporting it, they can buy a barrel in Naira, maybe 30,000.00 per barrel.

These private refineries are not refining petrol yet because subsidy wasn't removed.

I believe with the removal of subsidy, in the near term, they should start refining PMS.

However, it is unlikely these oil companies sell their crude oil in naira. They have a lot of financial commitments in dollars so they need to earn in dollars.

It will surprise you to know that even some government regulatory agencies receive their yearly permit fees in dollars.