Rainoil's Omuojine Advocates Modular Refineries for Fuel Security

Emmanuel Omuojine, the Managing Director of Rainoil Limited, asserted that modular refineries are crucial for bolstering Nigeria's fuel security during a panel discussion at the NAEC energy conference in Lagos. He warned against the dangers of over-relying on a single fuel supply source, describing it as fragile and susceptible to disruptions from refinery maintenance, geopolitical tensions, or logistics issues.

Omuojine advocated for the development of modular refineries near demand centers to enhance supply security and competition in the downstream petroleum sector. He also called for a shift to market-driven pricing, arguing that government-controlled prices are unsustainable and could hinder competition.

Omuojine expressed that forcing suppliers to sell petroleum products below international market prices could deter investment and lead to artificial scarcity. He emphasized that coastal refineries should be allowed to pay competitive prices for domestic crude supplies to ensure a reliable supply chain.