Minister of State, Petroleum Resources and Chairman of National Council on Hydrocarbons, Dr. Ibe Kachikwu has called for a new world pricing order to ensure stable oil price globally.
He made the call in Calabar at the conclusion of the 3rd National Council on Hydrocarbons with the theme: Oil & Gas Reform: The Key to Unlocking the Potentials of Nigeria's Hydrocarbons.
Kachikwu said because of the frequent fluctuations in oil prices, there was need to have a globally accepted pricing regime.
He said the tumbling oil prices in the last few weeks was very alarming and should be taken seriously as they cause major crisis and affect budgeting.
“What this crisis says about the future of oil is that more value should be added to our oil before export. We need to have more refineries, increase efficiency and improve transparency in the oil industry.
“This country must refine its products. Only countries that can improve their yield in oil will overcome the challenge of price fluctuation,” he said.
He said government and the private sector have to join hands to bring back the refineries, adding that the process of having modular refineries was moving very rapidly and by 2019 most privately owned refineries could be ready.