The Independent Petroleum Marketers’ Association of Nigeria (IPMAN) has urged the Federal Government to consider the privatisation of the nation’s refineries so that private sectors investors would be able to manage it profitably.
Its National President, Mr Abubakar Shettima, gave the advice while speaking at the Annual General Meeting (AGM) of the Western Zone of the oil union which held at Kakanfo Inn, Ibadan.
The IPMAN boss said privatising the refineries will bring out its optimum performance, but warned that either selling off or privatising, competence of the buyers or partners must be considered.
He urged the government to consider the Association as a competent hand that can manage the refineries, should the government be willing to privatise or sell it off.
Shettima said: “Looking at the privatisation of those public refineries, yes, actually, it’s better to let them privatise these refineries, and especially they should give the proper people that are concerned, like independent petroleum marketers.
“If the government can try as much as possible and sell these refineries to independent petroleum marketers, it will add more value to Nigeria.”
He expressed optimism that the price of petrol would continue to drop, particularly with the coming up of more refinery.
“We are expecting a decrease in the rate of PMS with the coming of the refinery. Now that the Port Harcourt refinery has started working, definitely there will be a decrease in price.
“Immediately, when the whole refineries are functioning, then the pressure in Nigeria will become less, and the dollar will come down. Immediately when the price of dollar is down, definitely the price of the petroleum product will come down,” he said.
He also lauded President Bola Tinubu for taking bold and drastic steps in ensuring energy security in the country.
He said: “Immediately, Mr. President Tinubu came to power, he has done the right thing by deregulating the oil sector so that investment will come into the country.
“And during this festivity, if we observed, there was no queue anywhere. Fuel is available everywhere, and the price of the petroleum product is coming down compared to the tradition that we knew before, despite the fact that there was subsidy. Mr. President is on the right track in engendering energy in the country.”
The highpoint of the AGM was the election of Zonal Executives for the association which saw Chief Oyewole Joseph Akanni emerging as the new Zonal Chairman.
In his acceptance speech, Akanni lauded the efforts of his predecessor, Alhaji Dele Tajudeen, saying his leadership and vision were instrumental in shaping IPMAN Western Zone into what it had become.
He assured that his leadership would build on the successes of the Tajudeen-led administration.
He said: “Your dedication, wisdom, and unwavering commitment to our mission have inspired us all, and I am deeply grateful for the opportunity to build upon the foundation you have laid. As a functional and participatory Vice Chairman in the last administration under your leadership, I am pleased to affirm that this new administration will be an administration of continuity, building upon the excellent foundations and initiatives that you so ably started.”
He pledged to work collaboratively and harmoniously with all and sundry and serve the association diligently. “I am committed to working collaboratively with every one of you and the regulatory agencies assigned to our business by the federal government to address these challenges, leverage our strengths, and drive our association forward,” he said.
