NUPENG has urged the National Assembly to accelerate the passage of Petroleum Industry Bill (PIB) to woo foreign investors.

South-West Chairman Alhaji Tokunbo Korodo made the appeal today in Lagos. According to him, non-passage of PIB is a threat to investment in the oil and gas sector.

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Korodo said that non-passage of the bill has forced some International Oil Companies (IOCs) to leave the country and sold off their investments to indigenous oil companies.

The Senate had resolved to fast-track the passage of the PIB to ensure quick recovery of the economy. It said the bill would provide favourable level playing environment for both local and foreign investors.

No Hike In Fuel Price -NUPENG

Korodo said  the Federal Government was already handling the issue of foreign exchange with the oil marketers. Hence, no increase of petrol price,

“With the way government is handling the forex in the sector, there will be no hike in the price of petrol.

“At present, government is a major importer of petrol through the NNPC. Private depots are just helping NNPC to distribute the product.”

“For over six months, the government has abandoned the entire System 2B Network that sustained the country during last crisis of fuel scarcity.”