Stakeholders in the downstream sector of the petroleum industry are currently meeting with the Joint Senate and House of Representatives Committees on Petroleum Downstream, aimed at finding a lasting solution to fuel scarcity across the country.
At an investigative hearing currently holding at the New Senate Building at the National Assembly Complex in Abuja, stakeholders called on the National Assembly to urgently pass the Petroleum Industry Governance Bill, saying this would allow for deregulation of the sector and allow more private participation.
In his submission, Minister of State for Petroleum Resources, Ibe Kachikwu, urged the Federal Government to address the disparity between the landing cost of petrol at N171 per litre and the official pump price of N145 per litre to allow individuals to import petroleum products.
The development comes as the Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Maikanti Baru, disclosed that a total of 4,501 trucks were diverted in late 2017 during the fuel scarcity.
Details later…..
