Dr Billy Gillis-Harry, the national president of the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), has asked the federal government to invest at least N12 trillion to improve in-country petrol refining capacity before implementing deregulation policy.
Gillis-Harry made the request on Thursday in a Channels Television interview monitored by DAILY POST.
According to him, the government must fix Portharcourt and Warri refineries before it embarks on the fuel subsidy removal.
The federal government had hinted at plans to remove fuel subsidies before June to mop up revenue.
But, the president of PETROAN insisted that the country’s local refining capacity should be increased before the petrol product is deregulated.
He, however, backed the deregulation of fuel in Nigeria because it would benefit all Nigerians.
According to Gillis-Harry, deregulation would end the pegging fuel regime.
He said the petrol price could reach N700-N1000 per litre if the product…
