N200 PETROL PRICE WOULD HAVE MADE DANGOTE REFINERY IMPOSSIBLE — FINANCE MINISTER. (PHOTO).
N200 Petrol Price Would Have Made Dangote Refinery Impossible — Finance Minister The Federal Government has said the Dangote Petroleum Refinery would not have been able to commence operations under the previous petrol subsidy regime, arguing that the removal of the subsidy was essential to create a viable market for private refining investment. Minister of Finance and Coordinating Minister of the Economy Taiwo Oyedele made the remarks on Wednesday in Abuja while presenting the government’s report titled “Nigeria’s Reform Scorecard: The Benefits, Costs and Harms Prevented.” Oyedele acknowledged that the removal of the petrol subsidy and the unification of the foreign exchange market had imposed significant costs on Nigerians. However, he maintained that the reforms had averted a far more severe economic crisis and established the conditions necessary for major investments such as the Dangote refinery to function commercially. He linked the refinery’s viability directly to the end o...