IPMAN Calls For Overhaul Of Oil Sector

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has called for the total overhaul of the nation’s oil sector.
The National Public Relations Officer of IPMAN, Mr Chinedu Ukadike, made the call during a chat with newsmen in Port Harcourt, recently.
Ukadike regretted that the nation was more interested in enriching foreign lands while making Nigeria a dumping ground for poor quality petroleum products.
According to him, “we create opportunities for foreign countries to use Nigeria as a dumping ground for petroleum products. Most times, they dump ethanol instead of PMS”.
The IPMAN spokesperson said the Federal Government ought to have taken steps to revamp the finished product subsector of the petroleum industry before embarking on full deregulation of the sector.
He observed, “it is very very important that the Federal Government does first thing first before talking about its deregulation, put all our refineries in order and show that the refineries are working at least 70 per cent capacity so that whatever they would bring in as imported products is just to complement our supply.
“Then they should also ensure that all the pipelines are put in place and in good condition. Building modular refinery is another way of helping us”
He expressed displeasure over the N30 billion Petroleum Equalisation Fund (PEF) allegedly owed the marketers even after the Acquilla System was introduced.
Ukadike advocated the use of Pipeline Strategic Data Tracking System as a key component of the oil pipeline industry’s Environmental and Safety Initiative for tracking vessels and pipelines to equalise the price of petroleum products.
He decried the frequent lack of products at Pipeline and Product Marketing Company (PPMC), a subsidiary of the Nigeria National Petroleum Corporation (NNPC).
He wondered why Nigeria as an producing country would continue to import petroleum products at a very high cost.
“Why we would depend on the importation of petroleum products to service domestic consumption? We have three (four) refineries, we have the Port Harcourt Refinery, we have the Kaduna Refinery, we have the Warri Refinery, none of these refineries is producing”, he lamented.

By: Tonye Nria-Dappa