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Fuel Hike: ACCI urges NNPC to speed up revitalization of refineries

Fuel Hike: ACCI urges NNPC to speed up revitalization of refineries

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The Abuja Chamber of Commerce and Industry (ACCI) called on the Nigerian National Petroleum Corporation (NNPC) to speed up the revitalization of the refineries and probably concession them to private operators.

The Chamber’s Director of Policy Centre, Olawale Rasheed stated this on Wednesday in reaction to the hike in petrol pump price from N149 to N151.

He said the oil sector is freed from government’s bridging support,market forces are likely to take over, hoping that when private refineries like the Dangote and the BUA projects are realised, the market will be fully supplied and price competition will eventually drive down the cost of PMS.

“Deregulation comes with a price. The reality is that the price of PMS may go up now but market competition will drive such down in due course.

“There is a general outcry against fuel subsidy. In any case, government is largely cash strapped now. Hence neccesity and public outcry necessitate removal of subsidy. So we are facing the consequence of market economy .

“The ultimate way out is for the country to develop and activate local production of PMS. If our refineries are functional, if private refineries come on stream, the problem will be largely resolved” he said.

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