THE Chief Executive Officer of Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, Farouk Ahmed, yesterday, said that industry deregulation has actually seen a 33.58 per cent reduction in fuel consumption of Nigerians. Ahmed who stated this at the ongoing Oil Trading and Logistics, OTL, Africa Week, 2023, in Lagos, explained: “Our data reveal that after the announcement of deregulation, an average volume of 44.3 million litres per day was evacuated for distribution nationwide which implies a 33.58 per cent reduction from the 66.7 million litres per day before the deregulation. The supply of PMS and other petroleum products have all maintained average land sufficiency levels above required thresholds.”
He said: “While harnessing our rich gas resource base of over 208 trillion cubic feet, TCF, as being coordinated by the DOGP, gas derivatives are expected to provide cleaner and cheaper alternatives to other white products. One of the most pressing concerns of the moment is the reduction of harmful emissions from petroleum production and utilisation. For our industry to remain viable, we must deploy measures that would protect the environment and promote sustainability.
This is to be achieved through the reduction of emission of carbon, sulfur, and BTEX compounds (benzene, toluene, ethylbenzene, and xylene) amongst others. For carbon, the net-zero target determines our strategies, while for sulfur and others, our Nigerian Industrial Standards, NIS, and the ECOWAS Clean-Fuels roadmap guides our actions.”
Continuing necessary engagements with stakeholders to finalise the revision of domestic base price of natural gas and we shall soon be releasing the revised Gas Transportation Network Code; Guidelines for National Strategic Stock; and; Launch the NMDPRA Industry Sustainability Initiative (NISI,” he added.
Source- Vanguard Newspaper.