Professor of Process System Engineering at the Ladoke Akintola University of Technology, Ogbomoso, Oladipupo Olaosebikan Ogunleye, has advised the Federal Government, to gear efforts at reviving domestic refining through existing refineries and promotion of new refineries, particularly modular refineries, as a way of stabilizing crude pricing.
Delivering the Ninth Faculty of Engineering and Technology annual Lecture at the University The Hall, in Ogbomoso, yesterday, he canvassed that appropriate incentives to attract new investment in refining also needed be worked out .
He spoke on the topic: The proprieties of Fuel Subsidies in Nigeria: An Engineering Microscope and explained that there are clear gains to be derived from domestic refining by itself even when it is not sufficient to guarantee product price stability.
He argued that there was need for a re-institutionalization of a policy of differential between the price of crude for domestic consumption and export.
According to him, instability in pricing will remain, as long as the domestic prices of products continue to be tied to the international price of crude.
Photo caption:
Faces of some of the dignitaries at the Ninth Faculty Lecture of Engineering and Technology, Ladoke Akintola University of Technology, Ogbomoso, which held earlier today.
