The Independent Petroleum Marketers Association of Nigeria (IPMAN) says the Dangote Petroleum Refinery in Ibeju-Lekki, Lagos State, will address fuel shortage and price hike in the country.

The Chairman of IPMAN, Enugu Community depot in charge of Anambra, Ebonyi and Enugu states, Chinedu Anyaso, said this in Awka, the Anambra State capital, on Monday, May 22.

The $18.5 billion Dangote refinery with 650,000 barrel production capacity was inaugurated by President Muhammadu Buhari on Monday.

Anyaso, who envisaged an initial increase in pump price, said it would decrease in the long run.

He said: “They will buy locally, refine and sell locally, we will no longer need forex to import product but rather, it will sell refined products and earn us forex.

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“It is a welcome development.”

The IPMAN chairman urged the Federal Government to revive its four refineries and optimise their production to support what Dangote would produce, to ensure full sufficiency of the products.

He thanked President Buhari for signing the Petroleum Industry Act (PIA) which encouraged private sector investment in the oil and gas industry.

Anyaso further warned against monopoly, saying it would leave Nigeria worse off if left at the mercy of one supplier.

“We need more players to come, the market is there, so there should be competition, the Federal Government should ensure a monopoly is not created.

“The PIA which this administration graciously signed encourages private sector involvement, people who have the capacity should be encouraged to follow the Dangote example,” he added.

The IPMAN chairman, however, called for revitalisation and operationalisation of all moribund depots, including that of Enugu for easy distribution of petroleum products.

Anyaso said this would reduce the challenges of sourcing products and drive down prices.

The Star