A destroyed refinery By Favour Ifeoluwa & Akinola Ajibade The Nigerian National Petroleum Company Limited( NNPCL) says it has destroyed 134 illegal refineries in the last few weeks. Also, the company said 63 illegal pipeline connections were uncovered during the the weeks . The corporation, In a visual report, stated that at about 2 am on Sunday, a joint team of security agents discovered a large wooden boat illicitly loading stolen crude oil from Barge AGS01 within the OML 18 operating area, noted intelligence report a large wooden wooden boat was caught receiving crude oil from the barge. According to the state-owned oil firm, while the barge was towed away with a tugboat in custody, five speedboats used in towing the large wooden boat to the illegal loading site were also detained and the particulars of the tugboats and barge used for the operation were reportedly seized for further investigation. It further said that two large boats, which involve
By Favour & Akinola Ajibade
Oil marketers have kicked against the decision of the Federal Government to reintroduce oil subsidy regime in Nigeria, saying that the idea will further affect the economy.
They are drawn from groups such as Major Oil Marketers Association of Nigeria (MOMAN), Independent Marketers Association of Nigeria (IPMAN) among others. They spoke during the recent Nigeria Association of Energy Correspondents( NAEC) International Strategic Conference 2023, held in Lagos.
Speaking against the backdrop of hitches in the distribution of Petroleum Motoring Spirit ( PMS) in the country, the Managing Director of 11 Plc, Mr Tunji Oyebanji urged the sub-sector to address the issue of limitations in the importation of fuel must first come to an end, if meaningful growth would be achieve in that sector.
“First and foremost, we need to get ourselves out of the bottleneck we have created for ourselves, in which NNPC is the sole importer of fuel in Nigeria,” he said.
Also, the Chief Executive officer (CEO) and Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), Mr Clemens Isong noted that the previous subsidy arrangement had an arduous effect on the economy, noting that there is still “subsidy in some areas”.We must not go back to it,” he said.
He reasons that opportunity exists in the short term to limit rising costs of the product for Nigerians as the country transitions away from the subsidy regime.
“So, essentially, where are we today? Is the market fully deregulated? The short answer is yes,” he said.
On his part, the CEO of Axxela, Mr Bolaji Osunsanya, said fuel like every other commodity should be allowed to float in the market. Represented by Fisayo Duduyemi, the company’s chief strategy, Odunsanya said there opportunities, which investors in the market would greatly explored.
“So, even though there may be some fluctuations, it is a better situation to have, because that will then bring some investors into the game to look at those opportunities for them to invest,” he said.
Recall that President Bola Ahmed Tiinubu on May 29, 2023 announced that the subsidy regime was over. This was followed by sharp increase in the pump price of fuel to N617 per litre in the federal capital territory (FCT), in July, following the statement.
Comments
Post a Comment