Oil Marketers: Local Refining Will Save N70 per Litre

By: Ogunleye Oluwapelumi

Oil marketers have said local refining will save at least N70 per litre off petrol price when it is fully operational.

The National Controller Operations, the Independent Petroleum Marketers Association of Nigeria, Mike Osatuyi, said this while speaking on the benefits of the Federal Government investing in functional refineries.

He said on Wednesday, that although the contracts for revamping of refineries had been awarded, it would be a great development for repairs to be completed as soon as possible, to ease the stress and huge finance of importation on the country.

According to Osatuyi, operational local refining will reduce insurance costs, product delivery time, and increase employment. The benefits of local refining will cut freight and ship-to-ship transfer costs by not less than N60/N70 per litre if the refineries start working. The contracts for revamping of refineries had been awarded, but repairs need to be completed as soon as possible to ease the stress and huge finance of importation on the country.