Oil marketers assert that local refining will lead to significant cost savings of at least N70 per liter on petrol when the refineries are fully operational. The National Controller Operations of the Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, emphasized the benefits of the government investing in functional refineries. He mentioned that though contracts for revamping the refineries have been awarded, completing the repairs promptly would alleviate the stress and financial burden of importing fuel.
Osatuyi also highlighted other advantages of operational local refining, including reduced insurance costs, shorter product delivery time, and increased employment opportunities. By refining in the country, the need for expensive freight and ship-to-ship transfers would be eliminated, leading to substantial cost savings. Additionally, local refining would enable products to arrive within one day, eliminating the 30-day wait for imported products.
Furthermore, the increased local refining capacity would create more jobs for the masses, presenting numerous benefits. The former Chairman of the Major Oil Marketers Association of Nigeria and Chairman/Chief Executive of 11 Plc, Tunji Oyebanji, noted that marketers do not favor product importation over local production.
“We advocate for the functioning of local refineries as we do not prefer importing,” he expressed.
Nigeria heavily depends on petrol imports due to the absence of operational local refineries.
Following the removal of subsidies on May 29, petrol prices skyrocketed, surging from approximately N198/N200 per litre to N617 per litre.
As a consequence of the price hike, local consumption decreased by 30% from the previous daily volume of 66 million litres before the subsidies were removed.
During the House of Representatives Public Hearing on Tuesday, the National President of IPMAN, Chinedu Okonkwo, suggested adopting the global alternative clean energy concept of Compressed Natural Gas (CNG) as a solution to the challenges posed by the increased pump prices of petroleum products. He emphasized that CNG could be an efficient and cost-effective means to power homes, public, and private establishments compared to other energy sources.
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