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The Vice President, Prof. Yemi Osinbajo, has called for a review of the Nigerian Ports Authority (NPA) dues on the Premium Motor Spirit (PMS) also known as petrol to reduce pressure on the price of the product in the country.
Osinbajo made the call at the Valuechain Magazine 2021 fourth annual lecture and awards, in Abuja, on Monday
The theme of the Lecture is “Enhancing effective synergy between oil and gas and maritime sectors for greater value creation.’’
Represented by the Minister of State for Petroleum Resources, Chief Timipre Sylva, he said that  there was a need for a review of dues at the ports for ease of doing business.
“You will agree with me that the maritime sector remains pivotal to the oil and gas sector in our country.
“The issues bordering around regulation 2014 has been brought to my notice, the implementation of regulation,  especially this time the country is coming out of the global oil crisis
“I, therefore, urge that you keep the implementation in view to a more suitable time for our economy .
“In the same vain, I call on the NAP to review as it relates to the price of the PMS, Mr President has given his approval for a downward review, this, we believe will further rejuvenate the pressure in the pump price of the white product,’’Osinbajo said
He noted that insecurity was one major challenge with the maritime operations and commended NIMASA for facilities in place to check the situation.
“I am very happy with the facilities NIMASA have in place to tackle insecurity in the maritime sector because if you want to really talk about reducing the cost of production in the oil and gas sector, you must touch security.
“Security is one of the main cost drivers in the industry and that is what we have been discussing. So, if they are going to tackle security in the maritime sector, they must work with the oil and gas sector.
“This is because today the oil and gas sector is bedeviled by a lot of security issues which have brought up the cost of production to levels that are too high,” he added.
NAN
