The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged the Nigerian National Petroleum Company Limited (NNPC) to ensure the availability of crude oil to local refineries. The group recently revealed that the availability of crude oil is key to the success of the 15 per cent duty on imported fuels policy by the Federal Government.
Speaking during a courtesy visit to Hon. Dr Chinyere Igwe, the new Pro-Chancellor and Chairman of the Governing Council of Ignatius Ajuru University of Education, the National President of PETROAN, Dr Billy Harry, hailed President Bola Tinubu for approving a 15 per cent import duty on petrol and diesel.
According to him, the policy will help to protect domestic refineries, stabilize the downstream oil market, and promote energy security.
Revealing that the approval will automatically boost local refining capacity, guarantee price stability, and improve energy security, Billy stated that the decision will also create more job opportunities and ensure a level playing field for domestic refineries.
He noted that while the potential disadvantages include potential price increase, loss of jobs on the side of importing firms, and short-term challenges, the benefits of the policy far outweigh the possible risks.
PETROAN then called on regulatory agencies like the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to be on red alert against monopoly, warning that if local refineries are not properly regulated, it could lead to a monopoly that might harm the market.
Dr Billy Harry concluded by urging importers of petroleum products to look inwards towards patronizing local refineries.
Folami David is a dynamic journalist who views the world through an analytical lens, translating complex narratives across multiple industries into compelling stories. With an insatiable appetite for information and a keen eye for emerging trends, Folami specializes in uncovering the interconnections between technology, business, culture, and society.
