Increase Your Stakeholding In Dangote's New Refinery - PENGASSAN Tells FG

It said that doing this will give the public even more energy security and assurance.

Additionally, it recommended that the Federal Government establish strategic petroleum product reserves and collaborate with private sector entities to preserve the existing petroleum product storage in the nation’s six geographic zones.

When it’s operational, it says that petroleum products will be kept there and made available only when there’s a scarcity.

It was suggested that this would assist in removing the poor roads and severe erosion-caused recurring shortages that frequently cause long lines at gas stations around the nation.

Comrade Festus Osifo, the President of PENGASSAN, made these remarks on Tuesday in a media briefing in Lagos.

The association’s communiqué and the suggestions from the third PENGASSAN Energy and Labor Summit (PEARLS 2024) were the topics of the briefing.

Osifo and Comrade Lumumba Okugbawa, Secretary-General of PENGASSAN, jointly signed the communiqué. Osifo demanded that local petroleum product production be increased.

Additionally, he contended that the naira’s devaluation as a result of its floating relative to the dollar significantly increased the price of gasoline at the pump.

“We need to step up our efforts to get the four refineries in the country operating. Once they are, the government should sell off the majority of its shares and hold no more than 49% of the total.

” The 51% share in NLNG will be taken by core investors, if applicable. “National pipeline network expansion to facilitate the delivery of refined petroleum products, as this will lessen the strain that trucks transporting these goods place on our roadways.”

Additionally, he demanded that greater infrastructure for compressed natural gas (CNG) be provided nationwide. According to him, CNG is the most reasonably priced and environmentally friendly energy source needed to run an automobile in the nation.