The Nation Newspaper Fed Govt committed to oil and gas development, says PENGASSAN
The Petroleum and Natural Gas Senior Staff Association of Nigeria has expressed satisfaction with the level of commitment from the Federal Government towards promoting the oil and gas industry.
“For instance, the removal of fuel subsidy is already making smuggling unattractive. A situation where the nation consumes 40 million barrels of oil per day, and the government announced 70 million barrels per day. What it means is that the outstanding figure, which is 30 million barrels, is smuggled outside the country. It’s a big business for the cabals.
On the Port Harcourt refinery that is expected to start production soon, Okugbawa said this may not affect the fuel price as people believed.“The production of the Port Harcourt Refinery will not really affect the price of petroleum. The exchange rate and international oil price are the determinants of fuel prices. However, it will have a positive impact on the shipping cost, landing cost, and demurrage because we are producing locally.
He added: “We commend the Federal Government for its commitment to driving positive change and fostering a conducive environment for investment in the oil and gas sector, These progressive policy directives mark a significant leap forward in our collective journey towards a sustainable energy future and bolstering security across Nigeria.”
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