The decision of the Federal Government to introduce the Compressed Natural Gas, CNG, as an alternative to petrol is receiving the support of key players in the downstream of Nigeria’s oil industry
The President of IPMAN, Chinedu Okoronkwo, and Aminu Abdulkadir, while speaking in Abuja, said independent marketers in Nigeria will support government reforms.
They are, however, not happy with reports that the government may expunge the Petroleum Equalization Fund, PEF, as this will eventually lead to an increase in fuel price
The issue of fixing the petrol pump price was also raised and the marketers in response said they don’t have the powers to increase the price as this will compound the sufferings of Nigerians.
The key players in the downstream of the oil industry also said they are working closely with operators of modular refineries while also positioning themselves to harness the benefits from the 250 billion gas intervention facility provided by the Central Bank of Nigeria.
