TheCable

Vice-President Yemi Osinbajo has called on the Nigerian Ports Authority (NPA) to review its import dues on premium motor spirit (PMS), better known as petrol.

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

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

The Nigerian government imports refined petroleum products despite owning four refineries. As a result, scarce forex is spent to ensure that there is no fuel scarcity in the country.

The VP, who was represented by Timipre Sylva, minister of state for petroleum resources, said that there was a need for a review of dues at the ports for ease of doing business.

He 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,” Osinbajo said.

“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.

“I, therefore, urge that you keep the implementation in view to a more suitable time for our economy.”

Osinbajo noted that President Muhammadu Buhari had given his approval for a downward review of port charges on imported petrol.

“In the same vein, I call on the NPA to review as it relates to the price of the PMS, Mr President has given his approval for a downward review. This, we believe will further rejuvenate the pressure in the pump price of the white product,” he said.

In his keynote address, Mele Kyari, group managing director, the Nigerian National Petroleum Corporation (NNPC), said that available statistics showed that there were over 20,000 ships working for the oil and gas sector in Nigerian waters.

He was represented by Yusuf Usman, NNPC chief operating officer for gas and power.

“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,” he said.

“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.”