The House of Representatives on Friday inaugurated the Committee on Petroleum Resources (Downstream) to be chaired by Hon Ikenga Ugochinyere, HoR representing Ideato North and South Constituency in Imo State.
While speaking at the inauguration ceremony in Abuja, Ugochinyere vowed to review implementation of the Petroleum Industry Act (PIA).
He expressed optimism on committee members’ readiness to deliver on its mandate.
He also highlighted some of the issues of concern to be reviewed by the committee, one of which is the inadequacy of domestic supply of Petroleum Motor Spirit (PMS), popularly known as petrol, a provision already catered for under the PIA.
The lawmaker said “Another issue of concern recently is that we have started getting reports that most of the modular refineries are ready for operation and there are challenges of domestic crude supply.
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The PIA made provisions for domestic crude supply to those modular and all our local refineries, it has a constitutional provision. It is a law. Today we are receiving messages that most of these modular refineries, even the general refineries like Dangote and so on may not be able to get the required domestic supply they would need.
“This, they said, is caused by most of these pre-financing and loan for PMS and crude swap and so on and so forth. This committee is going to look into it to ensure that there is adequate domestic crude supply to the domestic refineries to ensure that we achieve energy security”.
