The Federal Government of Nigeria has been encouraged by the Independent Petroleum Marketers Association of Nigeria (IPMAN) to privatise the country’s refineries to improve their performance and efficiency.
Abubakar Shettima, National President of IPMAN, stressed that privatisation will enable capable organisations, like independent petroleum marketers, to efficiently run the refineries.
Citing the recent restart of operations at the Port Harcourt refinery, Shettima also voiced confidence regarding a possible drop in Premium Motor Spirit (PMS) pricing.
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), whose president, Dr. Billy Gillis-Harry, has argued for the privatisation of government-owned refineries to respectable private companies to increase efficiency and lower government spending, shares this viewpoint with other industry stakeholders.
The operationalisation of more functional refineries is anticipated to reduce the cost of petroleum products, promote a competitive market, and boost economic growth, according to economists like Dr Chijioke Ekechukwu.
