The House of Representatives has urged the President Tinubu-led government to end the reign of monopoly in the Nigerian oil sector and allow independent marketers to lift petrol directly from the Dangote Refinery.
The latest development follows concerns raised by Oboku Oforji, the member representing Yenagoa/Opokuma Federal Constituency, Bayelsa State.
Investors King gathered that while NNPCL was initially named as the sole off-taker of the refinery’s product, recent changes allowed Major Marketers access to PMS.
However, Oforji lamented the monopoly ravaging the country’s oil sector where only the NNPC and Major Marketers are allowed to lift petrol from the refinery.
According to Oforji, if the Federal Government fails to intervene, and stop the monopoly, Nigerians will continue to suffer the effects of fuel scarcity.
He warned that independent marketers have threatened to begin the importation of the product to sustain their business.
He said, “The House is worried that NNPCL and the major marketers are exclusive off-takers, which spells monopoly and is equivalent to greed. This is the same NNPCL that has failed to manage our crude and refineries for decades.
“If this monopoly is not nipped in the bud, the suffering of Nigerians caused by the scarcity of PMS will continue, and we all know the implications for the economy.
“No wonder the late MKO Abiola of blessed memory, in a viral video some years ago, lamented that the NNPCL lacks transparency and accountability.
“The House is disturbed that allowing the NNPCL and major marketers to lift Premium Motor Spirit from the refinery to the exclusion of independent marketers is not good enough.”
“IPMAN representatives have expressed fears that they may be forced to resort to fuel imports to sustain their businesses,” he added.
Oforji thanked Dangote Refinery for helping the country meet the increasing demand of petrol.
According to him, with the refinery, Nigeria’s Gross Domestic Product will experience a steady increase.
His words, “The House notes that by this achievement, Nigeria is driving towards energy self-sufficiency, cost and foreign exchange savings, meeting the increasing demand for fuels, and attracting foreign capital investment. The generation of foreign exchange through the export of finished products, conservation of foreign exchange, and significant value addition will contribute to an increase in Nigeria’s Gross Domestic Product.
“The House further notes that given the high demand by millions of Nigerians for PMS and the ordeal they go through to obtain it, NNPCL should allow independent marketers to lift the product from the Dangote refinery,” he added.
If the prevailing monopoly is not nipped in the bud, Oforji noted that the suffering of Nigerians caused by the scarcity of PMS will continue with disastrous consequences for the economy, and we all know the implications,” he noted.
