shippingposition
  • Home
  • News
  • Editorial
    • Vox Pop
  • Maritime safety
  • Oil and Gas
  • Personality
  • Health
No Result
View All Result
shippingposition

Home » Oil Marketers Seek Investments In New Trucks

Oil Marketers Seek Investments In New Trucks

by Joshua
May 30, 2022
in Oil and Gas

Executive Secretary of the Major Oil Marketers of Nigeria, Clement Isong, has called for investments in new trucks.

He said most of the 40, 000 petroleum product trucks on Nigerian roads were about 40 years old.

Oil-marketers

He revealed this during an oil and gas summit in Lagos where he delivered a lecture on ‘Opportunity areas and challenges of investments in the Petroleum Products Marketing & Bunkering sector’.

According to him, the old trucks were no longer road-worthy and were the causes of tanker accidents, adding that lack of funds to purchase new ones were some of the fallouts of low investments in the downstream sector.

“Many of the trucks that are on our roads are about 40 years old. Those trucks should not be on the road because they are prone to accidents,” he said.

However, he said, with the passage and implementation of the Petroleum Industry Act (PIA), marketers were hopeful that investors would be encouraged to invest in new trucks as part of way forward for the downstream sector.

“Those are investments that haven’t been made in Nigeria for very many years because the business was not generating enough money. But by the time the PIA is implemented, then we will have better quality trucks – trucks that will not continue to cause accidents like those we currently see on the road,” he said.

According to Isong, the same situation of asset depreciation applied to product storage tanks. He noted that most of the tanks were about 50-60 years old, calling on the government to ensure that it drove investments into the sector to guarantee safety of the depots.

“Although most of the tanks at the private depots are also old, those at the NNPC depots are even older.

Read Also:  Some Shipping Terms Every International Shipper Should Know

“The 30, 000 filling stations in the country are also very old. Most of them are about 50-60 years old. Those stations need to be pulled down and rebuilt. Filling stations are supposed to be rebuilt every 10 to 15 years. The underground tanks also need to be changed because they are rusty and cause products to seep into the water being consumed,” he said, adding that new technologies needed to be deployed to improve the safety of lives and properties in the sector.

He called on the government to put in place self-regulation that would pull investments into the downstream sector, and in turn improve safety performance in the sector.

“When I say safety, I mean the entire health, safety, environment and quality of the depots across the country. And I’m not just talking about the private depots alone. So, there is so much investment that needs to be made to upgrade the filling stations in the country. But sometimes, the sector probably will need the regulator to accompany us to make sure that we do the things that we must do,” he said.

shippingposition

Kindly like us on Facebook


Tags: Oil Marketers

Related Posts

Nigeria’s Daily Crude Oil Production Drops To 937,766 bpd In September

Nigeria’s Crude Oil Export Revenue Drops by 17% to $6.68 Billion in First Two Months of 2025

June 1, 2025
President Tinubu Signs 6 IMO Instruments Of Accession

FG Rallies Stakeholders to Accelerate Nigeria’s Gas Revolution, Signs Agreement with Ten Equity Partners

June 1, 2025
The Return of Standards Organisation of Nigeria to the ports

SON Raises Concern Over Influx Of Adulterated Lubricants, Engine Oil

June 1, 2025
Tensions Rise as Bayelsa Host Communities Threaten Shutdown Over Security Contracts

Tensions Rise as Bayelsa Host Communities Threaten Shutdown Over Security Contracts

June 1, 2025

Latest News

NPA Bags NASS PAC Transparency Award

NPA Bags NASS PAC Transparency Award

July 12, 2025

Nigeria Customs Says Claim Of Form ‘M’ Migration Charges False

CRFFN Showcases Reform Milestones, Dismisses Court Ruling Misinterpretation

NCMDLCA Faction Distances Self from Amiwero’s Court Action, Backs CRFFN on POF Collection

Customs Intercepts ₦9.2bn Worth of Fake Bedroom Booster, Others

Customs, NAFDAC Inaugurate Implementation Committee for 2024 MoU

Nigeria Customs Intercepts Container with Over 10,000 Donkey Genitals

Senate Hails Adeniyi’s Election as WCO Council Chair, Says It’s  a Major Win for Nigeria’s Global Trade Leadership

Oyetola Launches Door-to-Door’ Diplomacy for Nigeria’s IMO Council Bid

FG Urged To Link Warri-Itakpe Rail To Inland Ports, Road Networks

Red Sea Operation Rescues 4 More From Cargo Ship Sunk By Houthis

Shippers’ Council Set to Establish Border Information Centre at Idiroko, Bolster Trade Efficiency

kindly like our Facebook page

Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert
Health

Contraceptive Pills Can’t Cause Cervical Cancer – Expert

June 30, 2025

Mrs Roseline Akinlabi, Adolescent and Youth Sexual Reproductive Health Desk Officer, Osun Primary Healthcare Board, says contraceptive pills cannot cause...

ONIONS: The Good Old Healing Vegetable

KNOW YOUR BODY PARTS: The Liver

June 16, 2025
ONIONS: The Good Old Healing Vegetable

ONIONS: The Good Old Healing Vegetable

June 16, 2025
Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

Why Prostate Disorder Cases Are Increasing Among Nigerian Men – Experts

June 1, 2025
20m Nigerians Live With Mental Health Issues, Says WHO

20m Nigerians Live With Mental Health Issues, Says WHO

June 1, 2025
Health Facts You Didn’t Know

How Your Habit Affects Fertility

May 19, 2025
Fruits For Raining Season

Fruits For Raining Season

May 19, 2025
See Mental Illness Like Other Treatable Diseases – Says Suicide Survivor

Health Facts You Didn’t Know

May 19, 2025
Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

Alligator Pepper: Benefits, FAQ, Side Effects, & Warning

April 28, 2025
Water And Health: The Relationship That Helps Life

Water And Health: The Relationship That Helps Life

April 28, 2025

© 2021 Shippingposition

Navigate Site

  • Home
  • About Us
  • Contact us
  • Privacy Policy
  • Sitemap
  • Terms

Follow Us

No Result
View All Result
  • News
  • Coast To Coast
  • Oil and Gas
  • Maritime Education
  • The Terminals
  • Maritime safety

© 2021 Shippingposition