A socio-economic pressure group under the auspices The Conscience of the Nation, has commended President Bola Tinubu and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), for the policies they had put in place which led to a reduction in the pump price of petrol also known as fuel.
The group head, Comrade Gideon Unazi who gave the commendation on Monday, noted that the development has brought relief to Nigerians, especially during the holy month of Ramadan, as Nigerians could now afford to transport food, goods, and services at a lower cost.
Unazi who further said NUPRC’s strategic and transparent approach and reforms at the upstream level have ultimately led to the reduction in fuel prices, added that the Commission had shown a commitment to the willing-seller, willing-buyer option, which aligns with international best practices and supports the upstream sector’s optimal functioning without resorting to price-fixing.
According to him, the Commission has demonstrated its commitment to regulating the industry, fostering growth, and avoiding arbitrary actions that could hinder investments.
He said: “In January, the NUPRC outlined a five-point agenda aimed at increasing oil production in 2025.
“Key initiatives include boosting production by one million barrels, enhancing transparency and accuracy in hydrocarbon measurement, digitalizing upstream regulatory activities, optimizing unit costs per barrel, and conducting licensing bid rounds to revitalize non-performing assets.
“The Commission has also developed a template to identify the needs of participants within the value chain, fostering collaboration and operational optimization.
“Furthermore, significant regulatory actions have been put in place to enforce compliance with the Domestic Crude Supply Obligation (DCSO), ensuring a consistent supply of crude oil to domestic refiners.”
The group urged the government to continue to support the establishment of more local refineries, which will not only reduce our reliance on imported fuel but also create jobs and stimulate economic growth.
“The importance of having more local refineries like Dangote cannot be overstated. With the Dangote Refinery, Nigeria is poised to emerge as one of the largest crude oil refining hub by 2025.
“The refinery’s capacity to produce Euro-V quality gasoline and diesel, in addition to jet fuel and polypropylene, is expected to eliminate Nigeria’s petroleum import requirement, thereby bolstering the country’s current-account position and foreign-exchange reserves.
“The establishment of more local refineries will not only reduce Nigeria’s reliance on imported fuel but also create jobs and stimulate economic growth.”
