The Independent Petroleum Marketers Association of Nigeria (IPMAN) has advised the federal government to deregulate the downstream sector of the oil and gas industry, adding that refineries that fail to come back production should be sold as “scrap.”
The national operation controller of the IPMAN, Mike Osatuyi maintained that the move would bring a lasting solution to the problem of scarcity experienced in most parts of the country.
Osatuyi who revealed government’s premium motor spirit intervention with the association added that since the 90-day fast-track ultimatum for the revival of the refineries given by federal government, only Kaduna refinery has resumed production.
READ ALSO: Kaduna Refinery Commences Daily Supply Of Fuel
He said: “The ultimate is to deregulate. We are the stakeholders; we are the players and we have been on the job for a long time. The best thing for President Muhammadu Buhari to do is to deregulate the industry now. We don’t need to spend time at filling stations queuing for six hours to buy fuel. Actually, if they deregulate, we are going to have various prices, which is normal. But this is the time to deregulate.
“Refineries that will die will die. The ones that will survive will survive. If the refinery is not working, let them go and sell it as scrap. Dangote is putting up 600,000 barrels per day facility, which will come on stream in 2018, and is more than the combined installed capacity of the four refineries we have. If those refineries cannot survive, let them go and sell them as scrap.”
READ ALSO: Kaduna Refinery To Fetch Nigeria Million Of Dollars Daily
Osatuyi sought the support of the Nigerian National Petroleum Corporation (NNPC) and the Pipelines and Product Marketing Company (PPMC) which he said would ensure effective distribution of petroleum product by the IPMAN within Nigeria.
“This is a process that has just started and I believe that it will spread throughout the country. I want the NNPC/PPMC to sustain this and IPMAN can assure the government that we are going to support it now that it has agreed to partner with us. IPMAN controls about 84 per cent of retail outlets in the country. Now that the government is ready to work with us, we are also ready to work with the government. It should give us the fuel and we’ll sell it.
“The scheme started last week, and my coordinator in Apapa confirmed to me that there was massive loading on Thursday to various other IPMAN members in the whole country,” he added.
The group managing director of the Nigerian National Petroleum Corporation (NNPC), Ibe Kachikwu, had earlier issued a 90-day ultimatum to the managements of the four refineries shortly after his appointment last August. The Warri, Kaduna and Port Harcourt a combined installed capacity of 445,000 barrels per day.
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