20 May 2016, Sweetcrude, Abuja – An international transparency advocacy group, Publish What You Pay, PWYP, Nigeria, has called on the Federal government to, as a matter of urgency, fast-track the implementation of various policies that will increase the refining capacity of Nigeria’s local refineries to cushion the effect of the price hike following the removal of fuel subsidy.
In a statement by the National Coordinator, PWYP Nigeria, Faith Nwadishi, the coalition also called on the government to expedite action on setting up modular refineries so as to achieve local refining sufficiency in order to save Nigerians from the constant suffering and frequent increase in the fuel price.
Nwadishi noted that “Our refineries at full capacity can produce 18 million litres daily and we consume 40 million litres or more daily. Can we depend solely on importation from the independent marketers which will mean allowing a critical sector of the economy in the hands of few individuals?
“We urge the government to, as a matter of urgency, fast-track the implementation of various policies that will increase the refining capacity of our local refineries and the setting up of modular refineries to save the masses from the constant suffering and frequent increase in the fuel price,” the statement noted.
While faulting the new price regime which would allow oil marketers to source for foreign exchange independently, the PWYP noted that the development will not only allow market forces to decrease the value of naira in the unofficial market but can also increase inflation and adversely affect the economic well-being of the population.