Marketers seek state of emergency on refineries 

• Kick against dolarisation of oil sector
Two months after the announcement of the technical completion of Port Harcourt Refinery, the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA) has asked the Federal Government to declare a state of emergency on the nation’s refineries.

The marketer also called for a halt in the dolarisation of oil activities in the country and immediate payment of the debt owed to petroleum products marketers in the country.

NOGASA, at a press conference in Abuja, yesterday, said the state of the economy was going from bad to worse due to the mismanagement of foreign exchange policy.

The association also asked the government to drag the exchange rate from the current N1,500/$ to the 2024 benchmark of N800 to the dollar as approved by the National Assembly.

National President of the association, Bennett Okorie, said stabilisation of modular refineries, provision of crude oil to them and other refineries in naira remained sacrosanct.

Okorie also asked the government to stop the Nigerian Maritime Administration and Safety Agency (NIMASA) and the Nigerian Port Authority from charging in foreign currencies, especially the United States dollar.

“There is no point for us to be trading locally in dollars. The challenges we are facing today are a result of the foreign exchange crisis. Our refinery has been down too and every other thing we do in the oil sector is being done in dollars. That’s the major problem we have,” Okorie said.

According to him, the exchange rate is affecting the modular refineries to come up to full capacity.

Okorie asked the government to abolish the black market and stick to a single exchange rate.

While the current administration deregulated the downstream segment of the oil market last year, the market has headed south with most marketers groaning.

Okorie said the cost of lifting petroleum products across the country was no longer unbearable, saying the state of the road had added to the burden for motorists.

Okorie added that the delay and continuous shift in the commencement of operations by Port Harcourt Refinery and other refineries under the Nigerian National Petroleum Company Limited should no longer be acceptable.

“You can’t continue to tell me every day that the refinery is coming on stream without any tangible results. Government needs to declare a state of emergency on the refineries,” Okorie said.