Nairametrics| If ever there was any hope that the fuel importation regime that has been severely criticized as one of the main reasons for high fuel prices in the country will be over soon, Dr. Ibe Kachikwu, the Minister of State for Petroleum Resources has all but shattered that hope.
According to him, if all goes right, by 2019, the nation’s local refineries should hit optimum production. But even this would result in production of just about eight million out of over 20 million litres, or 40% of petrol consumed in the country daily.
Although, Kachikwu claimed that this is likely to reduce the stress on the shortages associated with foreign exchange and fuel supply, one starts to wonder when and if ever at all, Nigeria will become self-reliant when it comes to local refining of crude oil.
As demonstrated by the current economic situation in the country, depending on importation of fuel products can lead to higher prices even when crude oil prices are low, meaning that the country earns less but spends more.
