Nigeria’s House of Representatives Committee on Petroleum Resources (Downstream) has raised the alarm over a further increase in the prices of Petroleum products if relevant government agencies refuse to address the supply-side failures been experienced by local refineries operating across the country.
Chairman of the Committee, Ikenga Imo-Ugochinyere who made this known in a Media briefing at the National Assembly complex, Abuja insists that the Presidential Technical Committee on Crude-for-Naira must reconvene within 48 hours to resolve the issue of crude oil supply to domestic refineries towards preventing the surge in the price of fuel and other petroleum products
The Committee chairman noted that the imposition of over $18 per barrel premium by international trading companies on local refineries must be terminated immediately, describing the fee as an exploitative practice that has no place in Nigeria’s energy supply chain.
The Committee called on President Tinubu to issue a stronger Executive Order reinforcing full compliance with the Domestic Crude Oil Supply Obligation as provided under the Petroleum Industry Act (PIA) 2021 to prevent the looming energy crisis in the country.
(Editor: Ken Eseni)
