Professor of Process System Engineering at the Ladoke Akintola University of Technology (LAUTECH), Ogbomoso, Oladipupo Olaosebikan Ogunleye, on Thursday, advised the Federal Government to redouble efforts at reviving modular refineries, as a way of stabilising crude oil pricing.
Delivering the ninth Faculty of Engineering and Technology annual lecture at the university hall, in Ogbomoso, Ogunleye emphasised the need for the Federal Government to provide appropriate incentives, capable of attracting new investments in the refinery industry.
The don, who spoke on the topic: “The Proprieties of Fuel Subsidies in Nigeria: An Engineering Microscope, ” 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-institutionalisation of a policy of differential between the price of crude for domestic consumption and export.
Ogunleye stated: “Instability in pricing will remain, as long as the domestic prices of products continue to be tied to the international price of crude”.
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