The Independent Petroleum Marketers Association of Nigeria, IPMAN has called on the Federal Government to focus on increasing Nigeria’s domestic refining capacity.
President of the Association Chinedu Okoronkwo told journalists in in Lagos that having functional refineries was in the best interest of the nation at this point in time.
He also noted that the ongoing war between Russia and Ukraine had escalated the prices of petroleum products at the international market and had led to scarcity of the products in Nigeria.
According to the IPMAN, the situation has made it imperative for government to vigorously pursue the rehabilitation of the nation’s refineries while creating the enabling environment for more private owned refineries.
Okoronkwo said the rehabilitation of the refineries would give Nigeria about 400,000 Barrels Per Day, while the Dangote and BUA refineries, which were under construction, had 650,000 BPD and 200,000 Barrels Per Day.
He however noted that other modular refineries such as the Waltersmith Refinery, Duport Refinery, Atlantic Refinery and the Azikel Hydro-skimming Refinery would also boost in-country refining of petroleum products.
SOURCE: libertytv.com
