The National Controller Operations, the Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, has said that local refining will save at least N70 per litre off petrol price when it is fully operational.
Mr Osatuyi said that although the contracts for revamping of refineries had been awarded, it would be a great development for repairs to be completed as soon as possible, to ease the stress and huge finance of importation on the country.
He said, “The contract has been awarded already before the new government came into office. IPMAN doesn’t know the context of the contract, but if the refineries are working, it would cut freight and ship-to-ship transfer costs.
“Not less than N60/N70 per litre will be off if the refineries start working.”
“Cost of insurance would reduce, and then if we keep importing, it takes about 30 days for ships to arrive in Nigeria and we would have to pay for hiring the vessel.
“But if we refine in the country, products would arrive within one day. There will also be more jobs for the masses. It’s a lot of benefits.”