Epic Petroleum Plans To Relieve Nigeria’s Fuel Scarcity Woes

Nigeria oil
Nigeria, Africa’s largest oil producer imports its fuel

Without seeking subsidy to import petroleum products, Epic Refinery and Petrochemicals Company Limited, a Nigerian oil company, has revealed plans to import refined fuel and sell at 75 naira ($0.48) per litre at a time when the scarcity of petroleum product shave increased the price of fuel from 97 naira ($0.61) to 110 naira ($0.70) and  130 naira ($0.82) in some  parts of the country.

According to the company’s Managing Director, Mathew Wenke, the company had done a feasibility study during a recent tour to the South Korea  on the viability of the  project.

Wenke said Epic has applied for approval from the Ministry of Petroleum and other relevant agencies of government to import fuel and that such importation was part of the company’s   contribution to the Federal Government’s transformation agenda under President Goodluck Jonathan’s administration.

He stated that the idea to sell at 75 naira ($0.48) per litre was mainly to demonstrate the company’s genuineness in contributing to the nation’s development and not to mitigate hard times for Nigerians.

“The current fuel scarcity is caused by some saboteurs and we intend to fill this gap. It is for the sake of national interest. We shall go into  mass importation of fuel  while preparing to establish  a refinery  in the next two years. We shall import fuel without asking for subsidy. We have sought to use the NNPC distribution network to address the issue of scarcity.  We shall do this to show our support  to the President.”, he said

“We believe that after selling at 75 naira ($0.48) per litre we shall still have enough to sustain our business”, he said.

Since January 1, 2012, under the present administration of Dr. Goodluck Jonathan, the price of PMS has been increased from 65 naira ($0.41) to 141 naira ($0.90) but after a mass protest, it was reduced to 97 naira ($0.61) per litre. However, since September, the price of fuel has suddenly sky rocket as many petrol stations now sell a litre of petrol between 110 naira ($0.70) and 130 naira ($0.82) in some  parts of the country.

Wenke opined that the current scarcity of fuel and the attendant high cost was caused by saboteurs who   want to discredit the present administration  for political reasons.

The petroleum products when imported would be made available to Nigerians through the use of   the distribution network of the Nigerian National Petroleum Corporation (NNPC) to squarely address the issue of scarcity, the Epic boss stated. Series of tankers will also be used to distribute the product to all zones in the country, Wenke said.

He also revealed that his company had applied to the Department of Petroleum Resources (DPR) to build a $30 billion refinery in Bayelsa State, Nigeria.