Independent Petroleum Marketers Association of Nigeria (IPMAN) has appealed to the Federal Government to expedite action on revitalising the nation’s indigenous refineries to make petroleum products more available and affordable for Nigerians.
The National Chairman of the Association Abubakar Mai gandi made the appeal during an interactive session with the House committee on petroleum resources downstream in Abuja.
Abubakar Mai gandi in his submission explained that no doubt downstream petroleum sector remains one of the most strategic pillars of Nigeria’s economy.
He argued that every litre of petrol, diesel, aviation fuel, kerosene and gas distributed across the country, sustain transportation sector, agriculture, manufacturing, healthcare, education, telecommunication, power generation, national security and millions means of livelihoods.
The IPMAN Chairman further said the emergence of large scale
domestic refining, liberalizes petroleum pricing, and increase private sector participation, provide opportunities to transform Nigeria, from a net importer of refined petroleum products, into a globally competitive refining and distribution hub.
He assured that this opportunity can only be fully realized through deliberate policies that foster fair competition, efficient regulation, robust infrastructure, affordable financing and inclusive stockholders’ participation.
The Association welcomes the efforts of the federal government to rehabilitate public refineries, encourage private investors in refining, improve regulatory oversight, and promote a competitive downstream market.
Mai gandi said this initiative represents a significant milestone towards strengthening economic sustainability and reducing dependence on imported petroleum products.
He also decried over rising costs, multiple taxation, excessive regulatory charges, logistic constraints, inadequate storage,
limited access to refinery products, pipeline vandalization, foreign exchange volatilities which affect efficient petroleum distribution
He suggested for a Bank mainly concerns about petreleum sector to assist the marketers with loans at a lower interest rate just like what obtain in the agricultural sector and industry
He thanked President Bola Ahmed Tinigu for removing subsidy completely and allowing the marketers to participate fully in the sector .
Earlier, the Chairman of the Committee Hon. Ikeagwuonu Ugochinyere has assured the stakeholders fair assessment of their suggestions for a fruitful legislation to move the sector economically viable.
Cov/Bashir M
