The Centre for the Promotion of Private Enterprise (CPPE) and the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) have jointly called on the Federal Government to create a more supportive policy environment for domestic refining, warning that without coordinated action, Nigeria remains exposed to international petroleum market volatility.
In a policy brief, CPPE Chief Executive Officer Dr. Muda Yusuf urged the government to pursue reliable crude supply arrangements, strengthen petroleum distribution infrastructure, introduce tariff protection and encourage additional refining investments — all supported by a broader plan to promote export competitiveness for refined petroleum products.
Yusuf argued that while domestic refining may not completely eliminate the effects of global oil price volatility, it significantly reduces the risks of supply disruptions, conserves foreign exchange, strengthens the balance of trade, and enhances national energy security. He added that refineries produce a wide range of intermediate products serving as feedstock for petrochemicals, fertilizers, plastics, pharmaceuticals, and other chemical-based manufacturing sectors — deepening Nigeria’s industrial ecosystem.
PETROAN’s National President, Billy Gillis-Harry, delivered a complementary call for action, tasking NNPC Limited’s Group Chief Executive Engr. Bayo Ojulari to facilitate the immediate commencement of production at Nigeria’s local refineries, particularly the Area 5 Plant at Port Harcourt Refinery and the Warri Refinery, both of which previously operated briefly before shutdown. He warned that continued fuel price increases would worsen inflation, cause job losses, and raise prices of goods and services nationwide.
Source: orientalnewsng.com