Osinbajo orders NPA to reduce charges on imported petrol

Osinbajo orders NPA to reduce charges on imported petrol


Vice President Yemi Osinbajo has ordered the Nigerian Ports Authority (NPA) to review its charges on imported petrol.

Osinbajo said this on Monday in Abuja at the fourth annual lecture and award presentation by ValueChain Magazine.

He said the order was in line with President Muhammadu Buhari’s approval for a downward review of port charges on imported petrol.

He said the review would help to reduce pressure on the pump price of petrol in the country.

Nigeria, which is the largest producer of crude oil in Africa, imports refined petroleum products despite owning four refineries.

Represented by the Minister of State for Petroleum Resources, Timipre Sylva, the Vice President emphasised the importance of enhancing effective synergy between oil and gas and maritime sectors for greater value creation.

“You will agree with me that the maritime sector remains pivotal to the oil and gas sector in our country. The issues bordering around regulation 2014 has been brought to my notice, the implementation of regulation, especially this time the country is coming out of the global oil crisis,” he said.

Also speaking at the event, the Group Managing Director, Nigerian National Petroleum Corporation (NNPC), Mele Kyari, said available statistics showed that there were over 20,000 ships working for the oil and gas sector in Nigerian waters.

“There are over 20,000 ships working for the oil and gas in the Nigerian waters with an annual expenditure of over 600 million dollars in the upstream sector.

“The oil sector spent three billion dollars on marine vessels between 2014 and 2018 of which 73 percent was spent on crude boat, security and power supply intervention.

“This reflects the huge potential in the sector as we aspire to grow our production to three million barrels per day. Without doubt, the potential of the Nigeria blue economy is huge and remain largely untapped for the benefit of the country,” Kyari, who was represented by NNPC’s Chief Operating Officer (Gas and Power), Yusuf Usman, said.