Financial Energy Review
…….by Musa Ibrahim……..
The Minister of State for Petroleum Resources Chief Timipre Sylva has said that Nigerians should prepare to soak-in more pains as the government plans to embark on optimization of Petroleum products costs in the coming days ahead.
The Minister said as the crude oil price has gone up to $60 per barrel in the international market and because no provision was made for subsidy in the budget Nigerians should as well be ready to soak in some pains as this will impact on the local price of petroleum products.
Speaking at the Launch of NIgeria National Petroleum Corporation (NNPC) Upstream Cost Optimization programme held in Abuja today at the NNPC Towers, Sylva maintained that the conversation on optimisation of Upstream cost is long over due. Therefore, he commended NNPC for championing the campaign on cutting down cost of production.
“I am very thankful for the conversation we are having today on the optimisation of upstream cost
“It is a conversation that should have started earlier. This conversation has been on scattered bases. But what is different today is for the first time the leader of the industry, NNPC is already taking the lead” he said.
While NNPC is on cutting of cost for upstream operation, the Minister pointed out that there is also the need to consider cost optimisation on products. He sympathises with NNPC for wetting the nation with petroleum products which at no distance time may cost more to import and distribute.
