The Independent Petroleum Marketers Association of Nigeria (IPMAN) have disclosed that local refining of crude oil will save at least N70 per litre off petrol price when it is fully operational.
The National Controller of Operations IPMAN, Mike Osatuyi, who disclosed this on Wednesday, August 2, further outlined the benefits of federal government’s investment in functional refineries.
Osatuyi said investment in functional refineries will ease the stress and huge finance on importation in the country. It would also reduce insurance costs, reduce product delivery time, and increase employment.
According to him,
“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.
