The President of PENGASSAN, Festus Osifo, has alleged that political interference, not technical issues, is behind the repeated shutdown of Nigeria’s refineries.
Speaking in Abuja on Monday, he said the Port Harcourt Refinery’s closure was due to politics, despite over $2.5 billion spent on rehabilitation.
“Our successive administrations in PENGASSAN have called on government… to ensure that our refineries are managed optimally,” Osifo said. He advocated for a model similar to NLNG’s, with majority private ownership to curb political control.
Osifo also accused petroleum marketers of exploiting Nigerians, insisting petrol should sell between N700 and N750 per litre. “With crude at around $60 per barrel, petrol should be retailing between N700 and N750 per litre,” he stated.
He criticized the Nigerian Midstream and Downstream Petroleum Regulatory Authority for not enforcing pricing control and blamed insecurity for driving away foreign oil investors, despite recent incentives introduced by President Tinubu.