Functional refineries, solution to fuel crisis – NOGASA


Natural Oil & Gas Suppliers Association of Nigeria, NOGASA, yesterday proffered the urgent rehabilitation of all existing refineries and building of new ones as solutions to the problem of shortage of and hike in prices of fuel in the country.
Though he hailed the federal government’s partial deregulation, the Secretary, Board of Trustees of the association, Chief Eddy Nwosu, stated that functional refineries remains the lasting solution to the problem of regular increases in pump price of petroleum products.
“We implore the federal government to, as a matter of urgency, repair the existing oil refineries and create an enabling environment for investors to build new refineries in the country.
“These outlined factors, driven by demand and supply, will determine the price and ultimately ease the suffering of Nigerians”, he stressed.
He lauded the courage of President Muhammadu Buhari and the Minister of State for Petroleum, Ibe Kachukwu, for taking the decision in the interest of the people of Nigeria.
“The removal of subsidy is imminent, but we are worried about the price benchmark of N145 per litre”.
“The removal of subsidy should be full blown to promote effective competition in the oil and gas sector. The Petroleum Products Pricing and Regulation Agency, PPPRA, which regulates the importation of petroleum products into the country, would now be regulating in a deregulated sector.”
He, therefore, urged oil and gas suppliers to go about their normal businesses, saying that the federal government was making conscious efforts to reorganise the sector.

The post Functional refineries, solution to fuel crisis – NOGASA appeared first on Nigerian News on the go from Nigerian Pilot Newspaper.

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Source:: Nigerian Pilot