Amid the frustrations associated with the recent hike in the pump price of fuel to N617 per litre, the Chief Executive Officer of Emadeb Energy Service Limited, Debo Olujimi, said local refining of the product remains the only lasting solution to the price surge.
According to NAN, Olujimi disclosed this at the inaugural ceremony of its Ijegun Satellite Depot on Wednesday in Lagos.
Olujimi stated that the increase in the price of petrol will continue to harm Nigerians unless local refining of the product is encouraged.
He lamented the continued dependence on the US dollar for the importation of fuel products into the country.
“It is a known fact that the increase in the price of petrol has put significant pressure on Nigerians, which we all understand.
“The only way to address the ongoing challenges is for the government to encourage local refining,” he said.