Yum repolist results in "Failed to download gpg key for repo" error

Issue

• Unable to run yum update on the RHEL system.
• Yum repolist fails with GPG errors
• Unable to access Red Hat repositories
• Yum repolist results in "Failed to download gpg key for repo 'PowerTools':Curl error(37):Couldn't read a file:// file for file:///etc/pki/rpm-gpg/RPM-GPG-KEY-centosoffical[Couldn't open file /etc/pki/rpm-gpg/RPM-GPG-KEY-centosofficial]" error