Indications emerged weekend that the House of Representatives will soon move to look at the fundamentals in the pricing of petrol with a view to ensuring that stakeholders get appropriate value.
Chairman, Ad-hoc Committee on the Review of Pump Price of Petrol by the House of Reps, Hon. Raphael Igbokwe disclosed this while on an inspection tour of facilities of NIPCO Plc in Apapa, Lagos.
He stated that users of the product should get good value for the products at affordable rates so as to improve the socio economic life of the people among other benefits of low pump price of petrol.
Igbokwe also commended NIPCO for making the product available at regulated rates across the country.
According to him, NIPCO is a case study of locally promoted company in the hydrocarbon industry that stated from the scratch to become a major player in the sector stressing, “ We have come to see the magic wand that has made you to have this splendid leap in few years of your operations.
‘‘Yours is an excellent show case of good partnership of indigenous petroleum marketer and a core investor that is fast changing the face of hydrocarbon products storage and marketing in the country.’’
According to him, stakeholders support for organisations like NIPCO is a veritable way of attracting more Foreign Direct investment (FDI) into the industry adding that with the rising profile of the company, there is hope for more FDI inflow into the Nigeria’s economy.
Commending the recent acquisition of majority shareholding in Mobil Oil of Nigeria, Igbokwe said it was a good omen for an indigenous company acquiring controlling equity in downstream section of an IOC.
Earlier, the group managing director, NIPCO, Mr Venkataraman Venkatapathy said the visit of the committee members would afford them the opportunity to see facilities and do an on the spot assessment of efforts in the industry.
In his remarks, group executive director, Corporate Services, NIPCO, Alhaji Aminu Abdulkadir said if given the required support to access product, Nigerians will get good value for their money.
He said the company hardly does 30% of its installed capacity which is not good enough but with an improved product access NIPCO can change the supply equation to filling stations across the country.