An energy expert, Dr Diran Fawibe, has expressed disappointment that the President, Muhammadu Buhari and his administration retained the provisions of the Petroleum Industry Act fuel in the country.
Fawibe, the Group Chairman of International Energy Services Limited, spoke to Business Morning, a programme of Channels Television, on Wednesday, monitored by our correspondent.
Fawibe agreed that the issue of fuel shortages and fuel subsidy has lingered in national discourse for four decades without any solution.
He noted that the current subsidy was brought to the fore because of the need to import fuel from foreign refineries to sustain the economy.
“We are disappointed because government hopes to transfer this issue to the next administration. Unfortunately, the issue of subsidy removal may not be as serious as we are currently having it. This matter has been in the public domain for four decades. There has been a panel since 1975. If our refineries were working there will be no issue of subsidy. Until we are able to solve the problem of the supply of fuel, the challenge that occasioned subsidy will remain,” he said
The energy expert also noted that government can help the economy by putting pressure on contractors who are revamping our refineries, so that supply of fuel and other extracts from crude oil would be locally produced.
For Fawibe, this will add to the demand for fuel and the intervention of the Dangote refinery.