 The Group Managing Director of the Nigerian National Petroleum Co-Company, NNPC Ltd. Melikeari, projects that Nigeria will become a net exporter of petroleum products by next year. Speaking at the Pengasin Energy and Labor Summit 2023, in Abuja on Monday, Keari said, as a resource-dependent country, Nigeria should not be exporting 100% of its crude as it does at the moment. Rather, we must achieve net exportation of petroleum products. According to him, this means Nigerians will have sufficient volumes in the country and those that can leave the country. NNPC boss, however, made it clear that refining crude oil in the country would not necessarily bring down the local price of petrol, which it said was controlled by the international price regime. You will recall that government-owned refineries have been moribund for years, but the federal government has assured that some will become functional soon as part of their first to end petrol importation. During an inspection of the rehabilitation of the Port Harcourt refining company, the Minister of State for Petroleum Resources, Senator Heineken Lopobiri, said the refiner would come on stream by December this year. The privately-owned Dangote refineries expected to start production soon, leading to more crude refined in the country. We are witnessing a significant shift in the landscape of the energy sector in the country, marked by the divestment actions of companies such as MUBI Producing Nigeria, Nigeria RG Company, SPDC and others, which have impacted the presence of international oil and gas companies in Nigeria. These developments necessitate a collective reflection on the implications for our industry, nation and people. The removal of PMS subsidies and current states of our refineries are of paramount importance, touching the lives of every Nigerian. These are intricate challenges that demand comprehensive solutions, balancing economic disabilities, economic viabilities and the well-being of our populace. Recent policy direction by the government has placed on tone her sheep on Nigerians, chief of which is the PMS subsidy remover and the floating of the Naira dollar exchange rates. The overwhelming impact of these on Nigerians can only be emerging rather than experienced. Part of the decisions of floating has only benefitted the government and oil and gas companies in Nigeria. This has necessitated a call for a salary benchmark for oil and gas workers and learning with the instrument of trade of the oil and gas commodities. The model of practice in Angola, where the registration of tax worker salaries in dollars and pay them the legal tender equivalent, is a testament to the possibilities of safeguarding the interests of workers amidst currency fluctuations. If there is one thing that steeple growth in the downstream sector of the petroleum industry is the existence of substance, and that's reality, there are today over close to 25 licences to create refineries. Build and operate refineries. Nobody could take the next step because as long as you do not have certainty around pricing and who is going to pay for that difference, no one will put his money. And as long as you have arbitrage, it's as simple as also cocaine. Once there is a price differential between one location and the other that is substantial, there is no way you can control fraud of all forms, of all manners. It is impossible. And people will do everything possible to know product between locations, whatever it is, whether it is drugs of petroleum or alcohol. This will happen and people will cut corners as long as the market doesn't. News updates.