Why NNPC, NMDPRA Should Support Local Refineries, Experts Send Message to Kyari, Ahmed
- Nigeria’s oil regulators have been advised to ensure a steady supply of crude oil to local refineries, warning against policies that could disrupt their operations
- The Conference of Energy & Finance Consultants (CEFC) mentioned the bad consequences of stopping the supply of crude to local refineries
- CEFC also called on the National Assembly to investigate petroleum imports and ensure that local refineries receive adequate crude oil for continuous operation
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Lagos, Nigeria - The Conference of Energy & Finance Consultants (CEFC) has urged Nigeria’s major oil regulatory agencies to ensure the smooth operation of local refineries, warning against policies that could disrupt crude oil supply.
The group specifically called on the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mallam Mele Kyari, and the Chief Executive Officer of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Mr Farouk Ahmed, to support the growth of indigenous refining capacity.
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In a statement signed on Thursday, March 6, by its spokesman, Engr. Anthony Igeriwa, the CEFC said its appeal was made in the interest of the general public.
CEFC raises concerns over crude supply to local refineries
The energy consultants said they had received information suggesting that the NNPCL might soon halt crude oil supplies to the Dangote Refinery and other local refineries.
According to the group, this move would favour continued petroleum imports, which they argue have hindered economic growth and exposed consumers to adulterated products.
The CEFC also accused vested interests of attempting to sabotage the operations of the $19 billion Dangote Petrochemical Refinery, Africa’s largest private refinery.
"The fuel importation cabal wants fuel importation to continue," the group alleged.
National Assembly urged to intervene
The CEFC urged the National Assembly to accelerate its ongoing investigation into the importation of adulterated petroleum products and ensure that crude oil is consistently supplied to local refineries.
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They urged the Lawmakers to stand with the masses, by ensuring crude oil is adequately and regularly supplied to Dangote and other local refineries in Nigeria.
Source: Getty Images
How Nigerians will benefit from Dangote, NNPC fuel price war
Earlier, Legit.ng reported that Bismarck Rewane, managing director of Financial Derivatives Company, said Nigerians will gain from the ongoing petrol price competition between Dangote Petroleum Refinery and the NNPCL.
Speaking on Channels Television, Rewane said he is expecting a further decline in fuel prices until June 2025.
He noted that the downward trend in petrol prices will provide a boost to economic stability.
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Source: Legit.ng
