Senate Leader Assures Nigerians That Fuel Scarcity Will Soon Be Over

The Senate Leader, Opeyemi Bamidele, has assured Nigerians that the fuel crisis being experienced in the country will soon be a thing of the past.

Bamidele gave this assurance in an interview with newsmen on the sidelines of the Oil Technology Conference in Houston, Texas on Friday.

He said the legislature is working tirelessly to ensure that fuel scarcity and frequent queues at filling stations are resolved.
He said there were plans to involve more private-sector players in the construction of new refineries.
Bamidele said the Senate had received an assurance from the Nigerian National Petroleum Company Limited that two of its refineries in Warri and Port Harcourt would come on stream before the end of the year.
He also noted that the commitment to licensing new refinery operators and revitalising existing refineries remained vital for increasing domestic oil production.
Opeyemi maintained that the focus was to ensure that Nigeria meets its OPEC production quota.
He explained that achieving such milestones would provide more revenue for the government and halt lack and borrowings.
By enhancing local refinery capacity, he said the country could reduce its dependence on fuel imports leading to a potential decrease in petrol prices.
He explained further that what drives pricing is the ability to meet demand in the face of every product, finding its level and place in a free market.
Also speaking, the Chairman, Senate Committee of Downstream, Ifeanyi Ubah, said the last Turn Around Maintenance that happened at the refineries was about 15 years ago, which led to the comatose state of the facility.
Ubah said that the non-deregulation of the downstream sector had put undue pressure on NNPC Ltd., as the entire industry depends on the company for its petroleum needs.