Rehabilitate Nigeria’s refineries, halt fuel subsidy, PENGASSAN tells FG

The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) has called on the Federal Government to rehabilitate Nigeria’s refineries and remove subsidy on Premium Motor Spirit, generally called petrol.

PENGASSAN President, Mr. Festus Osifo, made the call while speaking with journalists at the association’s National Executive Council meeting in Abuja on Tuesday.

Speaking, Mr. Osifo called on the federal government to ensure a speedy rehabilitation of Nigeria’s refineries, as that would ease the hardship that would arise from the removal of fuel subsidy.

Asked whether PENGASSAN was in support of fuel subsidy removal in absence of any functional domestic refinery, Osifo replied, “Yes!”

He said some things must be considered, adding that “today, you look at the cost of importation of PMS and even the cost to produce locally, because the primary source is crude, and that crude is sold at international price.

“The crude cost contributes over 80 to 90 per cent of the overall PMS cost.”

On why it was vital to rehabilitate refineries fast, Osifo said this would assist in ensuring adequate fuel supply across the country.

He explained that functional local refineries would not only increase the country’s revenue base, it would also provide more job opportunities, as well as end the uncertainties in the fuel subsidy regime and product importation.

“While maintaining our support for the full deregulation of the sector and acknowledging the significant milestones achieved in this regard, we counsel that efforts be made to increase the pace of the current refineries rehabilitation and get them back on stream in no time,” Osifo stated.

He further stated that the leadership of PENGASSAN had been following up with its members in NNPC Trading Limited and the Nigerian Midstream and Downstream Petroleum Regulatory Authority in various depots and terminals on the need to carry out their functions expeditiously.

“Our association restates the commitment to continue its advocacy on the need to fix the nation’s refineries, and with the inclusion of PENGASSAN in the steering committee as set up by NNPC, we shall continue the agitation for the rehabilitation of the four refineries through engagement with other relevant stakeholders,” he noted. Read more.

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