Opeyemi Bamidele: Nigeria supplies global market crude oil but can’t meet petrol demands

Opeyemi Bamidele, majority leader of the senate, says it is worrisome that Nigeria supplies crude to the global market but cannot meet its local demand for premium motor spirit (PMS), also known as petrol.

Bamidele spoke on Wednesday during an investigative hearing in Abuja.

He is leading an ad hoc committee to probe the alleged importation of adulterated products into the country.

For weeks now, the country has been experiencing a scarcity of petroleum products.

The Ekiti senator lamented that billions of dollars have been invested to ensure the country’s refineries work, but they have continued to fail.

“The distribution and supply of refined petroleum products has been irregular and problematic in the recent history of our fatherland,” he said.

“The long queues at filling stations are obviously a testament to this challenge.

“A situation, whereby we now depend almost entirely on the importation of these products, even when we daily supply the global oil market no fewer than two percent of its crude oil requirements, is to say the least, highly worrisome.

“We also have at hand a grievous issue of national concern that directly borders on the importation of hazardous petroleum products and dumping of substandard diesel into the country.

“For us, in the senate, we believe, it is unfair and unpatriotic to treat government businesses or public corporations as an orphan while private businesses are flourishing and thriving.”

Bamidele said there is an urgent need to rid the petroleum industry of misconduct.

“We are also taking it seriously with a view to addressing fundamental issues that pose grave threats to our economic prosperity, fiscal stability and public health as a federation. In line with our mandate, we will definitely unravel factors and forces aiding sabotage in our petroleum industry,” he said.

“From our findings, we will craft a legislative framework that will entrench global best practices in the industry; open it up for more investments, especially in the midstream and downstream sectors and end vicious regimes of subterfuge in the petroleum industry.”

On Monday, the leadership of the house of representatives dissolved an ad-hoc committee probing the importation of adulterated petroleum products into Nigeria and the resurgence of queues.