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Incessant hike of fuel prices: FG needs to build new refineries – Oil magnate

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FUEL PRICEBy James Ogunnaike

An Oil magnate, Aare Safiriyu Kazeem Adebanjo has called on the federal government to deploy the nation’s resources to building of new refineries, saying that this is the only solution to incessant fuel crisis being experienced in the country.

Aare Adebanjo, who is the Chief Executive Officer of SAF Petroleum, gave the advice in a chat with Vanguard in Abeokuta, saying, if government fails to build new refineries, Nigerians will keep on paying more for fuel consumption, because of the additional cost of importation.

The Oil magnate noted that building of new refineries will not only help in creating thousands of jobs for the teeming unemployed youths, but also in the long run reduce what Nigerians are paying for fuel.

He said, rather than wasting fund on repairing the country’s old refineries which has yielded little or no result, the federal government should concentrate efforts in constructing new refineries that would not only help in providing employment but also guarantee steady supply of petroleum products and ease the suffering of Nigerians.

He said “time is now for the federal government to build new refineries so that we can stop importation of what we have in abundant here. It’s against all logic that we are still importing fuel, does that mean we don’t have the wherewithal to build at least two new refineries under two years?”

“With, new refineries, we will be solving the major problem of frequent increment in pump price, ensure steady supply of fuel, as well as provision of jobs for our teeming youths”.

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“The issue of controversial oil subsidy which usually pitch the government against the people will also become a thing of the past. The implication of this is that the country will have more fund to attend to its developmental needs among others”.

Aare Adebanjo explained that one other major constraint confronting the business of oil and gas in the country is infrastructural deficit which include bad roads, saying that this is responsible for tankers’ accidents in Nigerian roads.

He appealed to both federal and state governments to assist in addressing the roads problem.

Vanguard News Nigeria

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