Fuel Scarcity’ll Persist, Unless FG Deregulates – NUPENG | Independent Newspapers Limited
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Fuel Scarcity’ll Persist, Unless FG Deregulates – NUPENG

Posted: May 26, 2015 at 2:24 am   /   by   /   comments (0)

By Sylvester Enoghase / Lagos


Scarcity of petroleum products would persist in the country, unless the Federal Government evolves strategies to refine petroleum products locally by putting the nation’s refineries in shape, the National Union of Petroleum and Natural Gas workers (NUPENG) has said.

President of the union, Comrade Achese Igwe, who addressed a press briefing in Lagos, advocated the removal of fuel subsidy and deregulations of the downstream sector.

He said: “Until the downstream sector is deregulated and fuel subsidy is removed completely, we will continue to have fuel scarcity one time or the other in our country.

“It is unfair for the Federal Government to have agreed to pay accrued interests and exchange rates differentials on behalf of importers. They agreed to pay because government has failed in its responsibility with respect to epileptic refineries.”

The union President said it is a shame that Nigeria is continually importing petroleum products despite its large hydrocarbon deposit.

He carpeted the past and present leaders for the endemic corruption in the downstream nation’s sector, adding the Nigerian National Petroleum Corporation (NNPC), direct involvement in the importation of refined petroleum products is resulting in major leakages of revenue to the nation and creating jobs for the exporting nations in the face of unemployment challenges in Nigeria

He said: “Today, NNPC is the highest importer of refined petroleum products in Nigeria. The same NNPC is responsible for optimal functioning of the four refineries. NNPC also championed the N3/litre payment to depot owners for storage (Thru’put arrangement) and will direct marketers to depots where they will load fuel.

“What happened to NNPC depots across the country? Nigerians should look beyond N200billion debt which included debt, accrued interest and foreign exchange differentials. Scarcity will continue until we begin to refine domestically and shun importation of products,” he said.