Predicts Drop in PMS Price
Lauds Tinubu’s Efforts in Ensuring Energy Security

The National President of the Independent Petroleum Marketers’ Association of Nigeria (IPMAN), Abubakar Shettima, on Tuesday, called on the federal government to privatise the nation’s public refineries for optimum performance.

Nigeria, the sixth-largest producer of crude oil in the world, has four public refineries: two in Port Harcourt, one in Warri, Delta State, and another in Kaduna State. None of them are operating at full capacity.

However, recent reports suggest that one of the Port Harcourt refineries and the Warri refinery are functioning. Due to their sub-optimal performance, many experts have called for their privatisation.

Shettima, as a critical stakeholder in the sector, echoed this call for privatisation.

The IPMAN President made the call while speaking on the sidelines of the Annual General Meeting (AGM) of the Western Zone of the petroleum union, which took place at the Kakanfo Inn, Ibadan, the Oyo State capital.

He stressed the need to privatise or sell off the refineries, stating that the government should sell them to competent individuals.

The IPMAN President said: “Looking at the privatisation of those public refineries, yes, actually, it’s better to let them privatise these refineries, and especially they should give [them to] the proper people that are concerned, like independent petroleum marketers. If the government can try as much as possible and sell these refineries to independent petroleum marketers, it will add more value to Nigeria.”

He also predicted a continued drop in the price of Premium Motor Spirit (PMS).

He said: “We are expecting a decrease in the rate of PMS with the coming of the refinery. Now that the Port Harcourt refinery has started working, definitely there will be a decrease in price. Immediately, when the whole refineries are functioning, then the pressure in Nigeria will become less, and the dollar will come down. Immediately when the price of [the] dollar is down, definitely the price of the petroleum product will come down.”

Shettima lauded President Bola Tinubu for taking bold and drastic steps to ensure energy security in the country.

He said, “Immediately, Mr. President Bola Ahmed Tinubu came to power, he has done the right thing by deregulating the oil sector so that investment will come into the country.

“And during this festivity, if we observed, there was no queue. The fuel is available everywhere, and the price of the petroleum product is coming down compared to the tradition that we knew before, despite the fact that there was subsidy. Mr. President is on the right track in engendering energy in the country.”

During the AGM, zonal executives for the association were elected. Chief Oyewole Akanni was elected as the Zonal Chairman.

In his acceptance speech, Akanni lauded the strides of his predecessor, Alhaji Dele Tajudeen, stating that his leadership and vision were instrumental in shaping IPMAN Western Zone into its current state.

He said his leadership would build on the successes of the Tajudeen-led administration.

“Your dedication, wisdom, and unwavering commitment to our mission have inspired us all, and I am deeply grateful for the opportunity to build upon the foundation you have laid. As a functional and participatory Vice Chairman in the last administration under your leadership, I am pleased to affirm that this new administration will be an administration of continuity, building upon the excellent foundations and initiatives that you so ably started,” the new chairman said.

He pledged to work collaboratively and harmoniously with all members and regulatory agencies.

“I am committed to working collaboratively with every one of you and the regulatory agencies assigned to our business by the federal government to address these challenges, leverage our strengths, and drive our association forward,” he added.

Meanwhile, the Western Zone of the association inaugurated its office in Ibadan on Monday.