Partners for Petroleum and Energy Sector Prosperity Initiative (P-PESPI) has called on Nigerians to exercise more patience, as the current Russian – Ukraine crisis may complicate the smooth flow of cargoes vessels and tankers around the black and Mediterranean sea due to security and safety concerns. This will further affect and increase freight and insurance Rates, compounding NNPC revenue issues.
This is not a period for blame game, but a time for objective analysis of this unforeseen situations, because some of the oil cargoes are sourced from Eastern Europe, were the Russian – Ukraine crisis has seriously impacted.
The regime of new sanctions by the USA and it’s allies targeted at Russia, can also affect Russians businesses associated with oil tankers, cargoes.
The recent NNPC actions to eliminate supply-chain snarls occasioned by adulterated fuel which have staved off a national energy crisis in Nigerian economy, homes and private-sector companies is seriously being slowed down by the renewed Russian – Ukraine crisis, says P-PESPI.
In a press release by the Chairman, Charles Ibiang, he commended the NNPC Ltd for maintaining a multi stakeholders approach to address the high prices and shortages of petrol, and crucial components, thanks to the quick response for withdrawal of the adulterated fuel from circulation and dealing with the petroleum sector related labor and demand issues of tanker drivers, PTD NARTO and freight rates.
NNPC Ltd was able to achieve this feat by pushing for a round-the-clock port operations, new transport rules and enlisting the help of big retailers including the strategic deployment of Nigeria security agencies. These efforts has yielded good results which lead to significant progress in the distribution of the clean PMS to filling Stations.
In Abuja, Citizens have observed that, even filling stations that don’t use to have fuel in the past, have been supplied with fuel.
Even though Nigerians are still experiencing long queues at the retail points in filling Stations, P-PESPI attributed this to the greedy profiteering of unpatriotic marketers and individuals taking advantages of the Adulterated Fuel debacle. And currently, the Russian – Ukraine Conflict.
While we still hold the opinion that investigations as directed by President Buhari should be carried out, and anybody, no matter how highly placed, found culpable should be Prosecuted.
We wish to use this opportunity to Commend the NNPC Ltd under the leadership of Mele kyari and Ministry of Petroleum Resources for a job Weldone in averting a much – predicted National Energy disaster that didn’t occurs.
We are witnessing PMS deliveries happening at a faster rate than before the crisis of the off Spec fuel.
A record number of Petroleum Products are moving through our Southern lagos ports faster,with shipping cargoes wait time cut in half, this is a logistics and supply Chain miracle. P-PESPI is worried that current Russian- Ukraine Conflict may Complicate this noble achievements.
P-PESPI acknowledged that supply-chain issues are “not all solved” but are satisfied that “most of the Petroleum products are been delivered to the final consumers.
While we believe that a national inquiry should be conducted into the Importation of the Adulterated Fuel, to arrest the culprits and to forestall future Occurrences, the current investigations in the middle of this crisis by both the security Agencies and National Assembly is premature, and distraction to NNPC Ltd to solving the problems at hand.
P-PESPI is of the opinion that, Let’s address the issues first. And going by the new PIA, The NNPC Ltd Board should be saddled with the responsibility of initiating and designing the Structure of the Probe based on experts and professional industry knowhow into the Adulterated Fuel debacle.
We should learn to trust our institutions created by legislation, by supporting them to do their job professionally.
NNPC Ltd is now a private business entity with limited Govt involvement. Investors are normally wary of unnecessary Political interference.
Recall, the Companies are direct representative of NNPC Ltd by extension, because of her position as the Sole Importer of PMS in Nigeria. Infact, these companies are under a business contractual agreement with NNPC Ltd, through the DSDP business model, they do so on behalf of NNPC Ltd.
Therefore, by virtue of the new PIA, the board is Inaugurate to set direction and has the statutory obligations by law to meet and take appropriate action first, since the whole issues are business and commercial dealings initiated and perfected by internal procurement processes within NNPC Ltd which the Board gave Approval.
There is a need for self regulation, investigations and appropriate sanctions by them.
Charles Ibiang,
Chairman,
Partners for Petroleum and Energy Sector Prosperity Initiative (P-PESPI)
08038661020
