Oil Marketers Foresee Significant Savings on Petrol Price through Local Refining” Oil marketers in Nigeria have asserted that local refining of petroleum products will lead to substantial cost reductions for consumers.

Mike Osatuyi, the National Controller Operations of the Independent Petroleum Marketers Association of Nigeria, highlighted the potential savings of at least N70 per liter when functional refineries are fully operational.

Although contracts for the refurbishment of refineries have been awarded, Osatuyi urged the government to expedite the repairs to ease the financial burden of fuel importation on the country.

Apart from lowering the petrol price, operational local refining would also lead to reduced insurance costs, faster product delivery times, and an increase in employment opportunities.

The adoption of Compressed Natural Gas as an alternative clean energy concept was also recommended to address petroleum product price fluctuations.