- Oil marketers are calling on the FG to privatize government-owned refineries.
- They want the FG to encourage competition and enhance transparency and accountability in the downstream sector.
- The marketers are also asking the FG to invest in infrastructure, such as refineries, pipelines, and storage facilities.
- They want the FG to promote local content development and enhance the effectiveness of Compressed Natural Gas (CNG).
- The marketers are also seeking a ₦100 billion grant to prevent the closure of 10,000 marketers’ businesses threatened by the removal of the fuel subsidy.
Nigerian oil marketers are calling on the federal government to make some significant changes in the petroleum industry. Firstly, they’re asking for the privatization of government-owned refineries, such as the Warri and Kaduna refineries, to improve efficiency and reduce government spending .
They’re also advocating for a more competitive market by encouraging new entrants and promoting a level playing field to prevent monopolies and ensure fair pricing. Additionally, they want the government to establish a robust monitoring and evaluation framework to track the performance of downstream operators and ensure compliance with regulatory requirements.
Other key demands include:
- Investing in critical infrastructure: Such as refineries, pipelines, and storage facilities to improve the country’s refining capacity and reduce reliance on imported petroleum products.
- Encouraging local content development: By supporting indigenous companies and providing incentives for research and development in the downstream sector.
- Promoting private sector participation: To increase access to funding and expertise, and reviewing regulatory frameworks to reduce operational costs and attract investment.
- Enhancing the effectiveness of Compressed Natural Gas (CNG): By intensifying stakeholder engagement and awareness campaigns to promote its adoption.
- Tackling petroleum products smuggling: By collaborating with neighboring countries to strengthen border security and utilizing digital tracking systems to monitor petroleum products from refineries to retail outlets.
The marketers also requested a ₦100 billion grant from President Bola Tinubu to help prevent the closure of 10,000 marketers’ businesses, which are threatened by the removal of the fuel subsidy .
