The Federal Government has ruled out the possibility of building new refineries to compliment the four existing ones in Nigeria.The Minister of State for Petroleum Resources, Ibe Kachikwu, who made this known in an online media chart with journalists recently, said government has no immediate plans to build new refineries. He disclosed that the Federal Government is currently planning to refurbish the existing ones, which have 450,000 barrels in terms of combined capacity.Kachikwu attributed the current drop in the price of Premium Motor Spirit (PMS) to market forces. “Anything can affect the pricing either way as recently seen in the United State where the hurricane induced an almost 15 per cent increase in crude oil prices. Efficiency of refineries will definitely help to bring down price of PMS”, he added. Meanwhile, the Nigerian National Petroleum Corporation (NNPC) has announced a total export receipt of $471.90 million for the month […]