The Minister of Finance, Budget and National Planning, Zainab Ahmed , has said when Dangote’ s refinery begins operations next year , it may not lead to significant reduction in the price of petrol because it will be selling at the international price .
Ahmed said this was because the refinery was located at the Export Processing Zone in Lagos State .
The minister said this on the Nigerian Television Authority ’ s Good Morning Nigeria programme on Monday , which was monitored by our correspondent .
She said the only thing Nigeria would not need to pay was the shipping cost of fuel .
Zainab stated , “ What we are doing is enabling the petroleum sector to actually grow . There have been a number of refineries, which have been licensed for several years . None of them was willing to start refining under the regime that we had where fuel (pricing ) was controlled .
“ The Dangote refinery is sitting within an Export Processing Zone , so they are insulated from that . When we buy fuel from Dangote , we will be buying fuel at the international market price . The only savings that we will be making are savings on freight , which is shipping .