Beware Of Monopoly In Petroleum Sector, NOGASA Warns Tinubu

The Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) on Wednesday urged the Presidency to ensure level playing ground in the sales of crude to guard against monopolistic control in the sector.

Benneth Korie Doi, the National President of NOGASA, who made the appeal at a press conference, emphasized the urgent need for improved access to refined petroleum products in Nigeria, praising Aliko Dangote’s new refinery, which he noted will enhance competition.

The NOGASA National President, tasked the Nigerian National Petroleum Company NNPC Limited on the urgent revival of Nigeria’s local refineries and highlighted the importance of combating smuggling, improving agriculture, and addressing multiple taxation.

He further advocated for selling crude oil in Naira and called for better distribution channels to stabilize prices and ensure fair access for all stakeholders in the petroleum sector.

“Summarily, these issues center on the critical need for concerted actions at ensuring adequate access to and availability of refined petroleum products, addressing the challenges of smuggling, enhancing our agricultural sector, improving our transportation network, and tackling multiple taxation.

“Firstly, regarding refined products, we must foster a competitive environment to ensure the healthy circulation of petroleum products, and to this end I commend Aliko Dangote for his monumental contribution to our industry through the establishment of the largest refinery in Nigeria. This development promises substantial benefits, including enhanced supply, increased competition, and a bolstering of our national economy and currency.

“To ensure a balanced distribution, I urge that Dangote’s refined products be made available to a broader range of stakeholders, including NNPC Trading, NNPC Retail, DAPPMAN, MOMAN, IPMAN, PETROAN, and NOGASA.

“This inclusivity will facilitate sustainable and widespread distribution across the country.
Furthermore, the Federal Government should expedite the commencement of the Port Harcourt refinery slated for September. This will help alleviate current shortages and ensure that products are distributed among the same stakeholders.

“I also want to express our support for Mr. President’s directive to sell crude oil in Naira. We hope that our refineries will reciprocate by selling refined products in Naira, thus stabilizing the market.

“On the issue of smuggling, we need to redesign distribution channels to prevent illegal exportation of petroleum products. Strengthening our security agencies, especially at border points, with necessary equipment and support is crucial. Additionally, providing logistics and drones for surveillance will help combat smuggling and theft effectively.

“Turning to inflation and economic stability, agriculture must be prioritized. To address public apprehension over rising costs, the government should make farming more attractive and profitable by subsidizing agricultural inputs and equipment.

“Reliance on unsustainable palliatives is not the solution. Instead, increasing budget allocations for agriculture and encouraging cluster farming will significantly boost food production”.