The presence of Fuel Queues across the Country is not surprising because the nation is not creating movement but is indulging in perpetual motion and this will not change until the nation removes its dependence on imported Petroleum Products.
Oli and Gas Consultant, Bala Zaka, disclosed this while speaking on the continued presence of Fuel Queues across the Country.
He added that another major reason why this has continued is the failure to understand that deregulation is not the only way to run the downstream sector of the Nigerian Petroleum Industry despite all the challenges.
He disclosed that these two reasons will continue to make life difficult and haunt Nigeria and Nigerians and that the nations’ Economy may collapse and fall off the cliff if care is not taken.
Going Further he said the failure of the Nigerian power Sector to provide enough energy to ensure Energy Security will soon further exacerbate the situation.
He disclosed that over a year ago, he and some Other experts have called for a recalibration of efforts aimed at changing the narrative in the Oil and Gas Sector to avoid the current situation where a Litre of Petrol now sells for 250 Naira and more in some Other places.
He said the current Economic situation in the Country is dire and needs urgent action to prevent a catastrophe.
He also disputed the claims that running a refinery is bad business asking why Other Countries are persisting with refining and Nigeria now imports from there, adding if the Leaders of those Countries are fools.
He added that Nigeria needs Energy Security to actually develop and become a great nation.
He called for absolute caution in addressing the nations’ energy needs and said the current momentum to move to what is called clean energy will grind the nation into the abyss Economically.
According to him, the Premium Motor Spirit may sell for over 600 naira if care is not taken by this time in 2023.
Mr Zaka said Nigerians disposable income has been decimated by bad decision making and Lack of power.
He said the nation needs a more nuanced understanding of the situation and that it is Time now to ensure the Nations’ Gas reserves are properly harnessed to have more power through the use of gas to provide power and reduce the pressure that people go through on a daily basis to generate Electricity.
For his part, the national President of the Independent Petroleum Marketers Association of Nigeria, Chinedu Okoronkwo, said the main issue before now was distribution from Oil Farm owners who have been supplying to members of his association at a higher price than it is expected.
Mr Okoronkwo added that the situation has been remedied through supplies that are now coming from the Nigerian National Petroleum Corporation, positing that Fuel is now available.
He also said that the refineries should be back on stream before the end of the first quarter of 2023.
He however said the current situation is just a stop gap that the refineries coming on stream will help in eradicating once they start refining and supplying the Local market.
He also called for the Oil and Gas to be given access to Foreign Exchange through the official window or ensure that they are able to do business using the Naira to help reduce Costs and enhance the ease of doing business.
On how to get things properly running, Mr Bala Zaka said it is not a case of managing importation of Petroleum products but ending importation and enhancing and expanding Local refining capacity.
He added with a dire warning that deregulation will kill the Nigerian Economy, describing Deregulation as Satanic and the height of inhumanity.
Deregulation according to him has no benefit to Nigeria, Nigerians and the nations’ Economy and has led to mass sacks, mass delays at airports and general lack of development across board.
He described Deregulation as an Economic tool as nothing but deception but the IPMAN President, Chinedu Okoronkwo, said Deregulation will promote healthy competition and unleash wealth and open up the Oil and Gas Industry for more investment and Development.
Mr Okoronkwo however said the DSS should also beam its searchlight on racketeering within the supply chain of the Oil and Gas Sector.
