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Expert Tasks FG on Designing Domestic Refining Development Framework
Expert Tasks FG on Designing Domestic Refining Development Framework
Hammed Shittu in Ilorin
A multi dimensional energy expert, Abdulrazaq Hamzat, at the weekend called on the federal government to urgently design a Domestic Refining Development Framework (DRDF) that will serve as a pathway to ensure competition and fair market balance in the oil sector of the country.
The enery expert however urged the federal government, the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), and the Nigerian National Petroleum Company Limited (NNPC Ltd) to consider the proposed framework to achieve the desired result in the sector.
Speaking with newsmen in Ilorin yesterday on the state of the nation, Hamzat said that, such designs would go a long way of boosting local competition and accelerate the socio-economic development of the country.
According to him, “Nigeria has conquered one aspect of its petrol challenges with the success of Dangote refinery but reliance on a single privately owned mega refinery poses long term risks to pricing, supply security, and energy sovereignty therefore calling on government to develop framework for local refining competition.”
While commending Dangote’s $20 billion refinery as a landmark private investment, he stressed that true national benefit lies not in monopoly, but in a competitive domestic refining ecosystem.
According to him, It is unwise to encourage fuel importation just to create competition for Dangote.
The post Expert Tasks FG on Designing Domestic Refining Development Framework appeared first on THISDAYLIVE.
Hammed Shittu in Ilorin A multi dimensional energy expert, Abdulrazaq Hamzat, at the weekend called on the federal government to urgently design a Domestic Refining Development Framework (DRDF) that will serve as a
The post Expert Tasks FG on Designing Domestic Refining Development Framework appeared first on THISDAYLIVE.
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