Allow us to repair refineries, oil traders tell FG

The price of gasoline will rise when the rate of oil goes up - Sylva

Oil merchants expressed a willingness and skill to restore Nigeria’s dysfunctional refineries and get the power up and operating within the shortest attainable time.

Level-of-sale operators within the downstream sector of the oil business have requested the federal authorities to permit oil merchants to function a number of the nation’s refineries.

It was discovered that oil merchants underneath the aegis of the Petroleum Merchandise Outlet Homeowners Affiliation of Nigeria have contacted monetary and technical companions about what can be wanted to successfully run the refineries.

Nigeria’s refineries in Kaduna, Port Harcourt and Warri have been inactive when it comes to crude oil refining for a number of years, regardless of big bills incurred on the services by the Nigerian Nationwide Petroleum Company.

On November 23, The PUNCH reported solely {that a} whole of N81.41bn was spent at refineries between January and August this 12 months, however the services didn’t redo any drop of crude oil throughout this era.

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To resolve this, oil merchants advised our co-representative in Abuja that they have been in a position to make the refineries work and have been speaking to technical and monetary companions about it.

“The federal government ought to name on oil merchants to return and take one or two of the refineries, search monetary and technical companions and make the refineries work,” stated PETROAN President Billy Gillis-Harry.

He added: “We needn’t worth our oil merchandise on worldwide indexes. Now we have 4 refineries and a few modular refineries which can be already in operation.

“So there should be a method to cultivate our costs, which should be to make sure that now we have crude oil accessible for these refineries to refine and promote first domestically.

“Get PETROAN to function one or two of the refineries as a result of now we have the power to make sure that our refineries work.

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“We’re providing a partnership with the federal government and NNPC to handle refineries in acceptable enterprise methods and revenue sharing processes.”

He stated that every one downstream point-of-sale homeowners throughout the nation had at all times wished refineries to work and that was what resellers have been asking for.

Gillis-Harry stated: “We should obtain Warri and Port Harcourt refineries and a associate authorities to revive them, refine crude oil and management our costs, which we will do.”

He stated oil merchants may additionally purchase the services if the federal government so needs.

“If they offer us to purchase, we will likely be very happy to hunt assets as a result of we’re already speaking to technical and monetary companions from all around the world with the goal of creating our nation’s financial system work”, stated the president of PETROAN.

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Gillis-Harry described refineries as main contributors to financial stability.

“It’s because each liter of gas you purchase has america greenback and we don’t drive our financial system in {dollars}, however in naira,” he stated.

He added: “Due to this fact, by introducing a international forex on a regular basis, it depletes the assets that ought to stabilize and develop our financial system.

“That’s the reason PETROAN is proposing to the federal government to provide us the refineries to function and we are going to function them effectively.”

On whether or not the latest discount in gasoline costs by N5 per liter would justify the reintroduction of the subsidy, Gillis-Harry stated that it didn’t.

He argued that gasoline subsidies had disappeared and would stay so, including that it will be detrimental to the financial system if the federal government introduced again subsidies on refined petroleum merchandise.

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