Oil marketers in Nigeria have claimed that once local refining is operating fully, the cost of petrol will be reduced by at least N70 per litre.
This claim was made by Mike Osatuyi, National Controller Operations for the Independent Petroleum Marketers Association of Nigeria when talking about the advantages of the Federal Government’s investment in working refineries recently.
He said though the contracts for renovating the refineries had been issued, it would be a great development for repairs to be completed as soon as possible in a bid to reduce the strain and significant financial burden of importation on the nation.
He said: “The contract has been awarded already before the new government came into office. IPMAN doesn’t know the context of the contract, but if the refineries are working, it will cut freight and ship-to-ship transfer costs.
“Not less than N60/N70 per litre will be off if the refineries start working.”
He enumerated that the other benefits of operational local refining are reduction in insurance costs, reduction in product delivery time, and increase in employment.
He said: “Cost of insurance would reduce, and then if we keep importing, it takes about 30 days for ships to arrive in Nigeria and we would have to pay for hiring the vessel.
“But if we refine in the country, products would arrive within one day. There will also be more jobs for the masses. It’s a lot of benefits.”
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