•By Oyeniyi AWOJOODU
IBADAN – Nigeria, the sixth largest producer of crude oil in the world, has four public refineries. Two are in Port Harcourt, one in Warri, Delta State, and another one in Kaduna State. None of them are operating in full capacity.
However, there were reports recently that one of the Port Harcourt refineries and that of Warri were functioning. As a result of the sub-optimal performance of the refineries, many experts had called for their privatisation.
Alhaji Abubakar Maigandi Shettima, a critical stakeholder in the sector, who also doubles as the National President of Independent Petroleum Marketers Association of Nigeria
The IPMAN President made the call while speaking on the sidelines of the Annual General Meeting (AGM) of the Western Zone of the petroleum union which took place at the Kakanfo Inn, Ibadan, the Oyo State capital.
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He said it was better to privatise or sell off the refineries, adding that the government should privatise them to competent people.
The IPMAN President said: “Looking at the privatisation of those public refineries, yes, actually, it’s better to let them privatise these refineries, and especially they should give the proper people that are concerned, like independent petroleum marketers. If the government can try as much as possible and sell these refineries to independent petroleum marketers, it will add more value to Nigeria.”
He also predicted that the price of Premium Motor Spirit would continue to drop.
He said: “We are expecting a decrease in the rate of PMS with the coming of the refinery. Now that the Port Harcourt refinery has started working, definitely there will be a decrease in price. Immediately, when the whole refineries are functioning, then the pressure in Nigeria will become less, and the dollar will come down. Immediately when the price of dollar is down, definitely the price of the petroleum product will come down.”
He also lauded President Bola Tinubu for taking bold and drastic steps in ensuring energy security in the country.
According to him, immediately, Mr. President Bola Ahmed Tinubu came to power. He has done the right thing by deregulating the oil sector so that investment will come into the country.
He said, “And during this festivity, if we observed, there was no any queue. The fuel is available everywhere, and the price of the petroleum product is coming down compared to the tradition that we knew before, despite the fact that there was subsidy. Mr. President is on the right track in engendering energy in the country. ”
Part of business transacted during the AGM was the election of Zonal executives for the association.
Chief Oyewole Joseph Akanni was elected as the Zonal Chairman.
He said his leadership would build on the successes of the Tajudeen-led administration.
“Your dedication, wisdom, and unwavering commitment to our mission have inspired us all, and I am deeply grateful for the opportunity to build upon the foundation you have laid. As a functional and participatory Vice Chairman in the last administration under your leadership, I am pleased to affirm that this new administration will be an administration of continuity, building upon the excellent foundations and initiatives that you so ably started”, the new chairman said.
He pledged to work collaboratively and harmoniously with all and sundry and serve the association diligently.
“I am committed to working collaboratively with every one of you and the regulatory agencies assigned to our business by the federal government to address these challenges, leverage our strengths, and drive our association forward, “he added.
Meanwhile, the Western Zone of the association, had on Monday, inaugurated its office in Ibadan.