The Conscience of the Nation, a socio-economic pressure group, has commended President Bola Tinubu and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) for their efforts and policies resulting in reduction in fuel prices.
According to Comrade Gideon Unazi, the group’s head, this development has brought relief to Nigerians, especially during the holy month of Ramadan.
Unazi said with the price reduction, Nigerians can now afford to transport food, goods, and services at a lower cost.
This slash, he said, has also led to a decrease in the cost of food and other essential commodities, making it easier for Nigerians to observe the holy month of Ramadan without financial burden.
Unazi further said NUPRC’s strategic and transparent approach and reforms at the upstream level have ultimately led to the reduction in fuel prices.
He added that the Commission had shown a commitment to the willing-seller, willing-buyer option, which aligns with international best practices and supports the upstream sector’s optimal functioning without resorting to price-fixing.
Unazi further said the Commission has demonstrated its commitment to regulating the industry, fostering growth, and avoiding arbitrary actions that could hinder investments.
He added: “In January, the NUPRC outlined a five-point agenda aimed at increasing oil production in 2025.
“Key initiatives include boosting production by one million barrels, enhancing transparency and accuracy in hydrocarbon measurement, digitalizing upstream regulatory activities, optimizing unit costs per barrel, and conducting licensing bid rounds to revitalize non-performing assets.
‘The Commission has also developed a template to identify the needs of participants within the value chain, fostering collaboration and operational optimization.
“Furthermore, significant regulatory actions have been put in place to enforce compliance with the Domestic Crude Supply Obligation (DCSO), ensuring a consistent supply of crude oil to domestic refiners.”
The group also urged the government to continue to support the establishment of more local refineries, which will not only reduce our reliance on imported fuel but also create jobs and stimulate economic growth.
Unazi stated: “The importance of having more local refineries like Dangote cannot be overstated. With the Dangote Refinery, Nigeria is poised to emerge as one of the largest crude oil refining hub by 2025.
“The refinery’s capacity to produce Euro-V quality gasoline and diesel, in addition to jet fuel and polypropylene, is expected to eliminate Nigeria’s petroleum import requirement, thereby bolstering the country’s current-account position and foreign-exchange reserves.
“The establishment of more local refineries will not only reduce Nigeria’s reliance on imported fuel but also create jobs and stimulate economic growth.”
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