The Independent Petroleum Marketers Association of Nigeria (IPMAN) at
the weekend said it has started discussing with foreign partners to refine
crude oil abroad and import Premium Motor Sprit (petrol) and Kerosene into the
country.
It added that it has no intention to claim any subsidy payment from the
Federal Government through the method.
IPMAN National Secretary Danladi Pasali, who spoke to reporters in
Abuja, explained that should the Federal Government approve the intervention,
it would be a temporal relief arrangement pending the improvement of the
capacity of the Nigerian National Petroleum Corporation's (NNPC's) refineries
and the construction of Greenfield refining entities.
According to him, the initiative was developed by the association's new
executives to assist the present administration to reduce cost in subsidy
payment at the same time meet products' demand.
His words: “We urged the Buhari administration to support IPMAN in mobilizing
our foreign partners in importing petroleum products at no cost or without
subsidies payment to government.
”We have done all our mathematics that through our new model of Crude
Oil SWAP arrangement; we can wet the country with petrol and kerosene and still
gain from the transactions,” Pasali said.
Nigeria is currently consuming about 35 million litres of PMS. But only
30 per cent of the amount can be refined by the four local refineries at full
capacities.
The IPMAN secretary said the association in the long run will construct
two brand new refineries in the country with 400,000 barrel refining capacity
with Blue Oil International.
He added that the association's National President Mr. Chinedu
Okoronkwo is in Lagos to monitor the distribution of the PMS to its members to
stop its scarcity.
Pasali said with government's cooperation, IPMAN members will stop fuel
scarcity with their over 20,000 filling stations.
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