Hoscom Bulk Petroleum Retailers of Port Harcourt Refinery has accused the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Bayo Ojulari, of deliberately working to give a competitive edge to a private refinery while neglecting state-owned facilities.
The group raised the alarm following Ojulari’s recent comments during a courtesy visit by the leadership of PENGASSAN, where he disclosed that the Port Harcourt Refinery was shut down due to financial losses and the need to seek a sustainable solution.
Hoscom argued that the explanation confirmed long-standing suspicions among stakeholders that the NNPCL leadership was favouring private operators at the expense of the nation’s refineries.
“The refinery was shut down despite billions of dollars already spent on its rehabilitation, Ojulari’s claims of routine maintenance and sustainability assessment were only a cover-up. The move was clearly a deliberate tactic to give private refineries an undue advantage,” the group stated.
Also Read: NNPC Adopts New Business Model Focused on Value Creation and Efficiency
The association stressed that public refineries serve as a vital check against price exploitation, warning that shutting them down leaves Nigerians at the mercy of private refiners.
Hoscom also criticized NNPCL’s reliance on its equity stake in Dangote Refinery, which currently stands at 7.2 percent instead of the initially agreed 20 percent, citing non-payment of the balance.
“NNPCL should be ashamed to proudly declare reliance on a private refinery while closing down its own.”
The group expressed disappointment that the Port Harcourt Refinery was shut down despite $1.5 billion already spent on its rehabilitation.
Hoscom reiterated support for PENGASSAN’s demand that all four Nigerian refineries be revamped, calling on President Bola Ahmed Tinubu to take decisive action to revive them in order to boost the economy and create jobs.
