To Raise Policy For PPPRA Regulations
There are indications that Nigeria may reduce the import of its petroleum products by 10% when a policy on biofuel becomes operational, the Executive Secretary of Petroleum Products Pricing Regulatory Agency (PPPRA), Victor Shirok, has said.
Speaking ahead of a stakeholders workshop scheduled for next Tuesday in Abuja, the PPPRA Executive Secretary said the policy, which is awaiting final ratification of the Federal Executive Council (FEC) would spell out production, pricing and regulatory framework for biofuels consumption in the country.
He also explained that the target of the Federal Government is to ensure five percent inclusion in the petroleum products short term with a view expanding to it to 10% within a short period.
Providing an insight into what biofuel is, Shidok said biofuel comprise bioethanol and biodiesel, which are blends of petroleum products and agricultural products, adding that E-10 for instance, is a blend of 90 per cent gasoline and 10 per cent ethanol, while biodiesel B-20 is a blend of 80 per cent diesel and 20 per cent oil from Jathropha, used palm oil etc.
The PPPRA boss highlighted that this blend will lead to more job creation in the petroleum and agricultural sectors of the economy and that a lot more advantages accrue from this new industry which offer as alternative to fossil fuel thus providing cleaner and cheap energy.
On his part, the National President of Jathropha Growers Association of Nigeria, Gen. Joshua Omosebi (rtd), dismissed the notion that the massive production of biofuel would lead to sharp rise in the price of cassava, saying “that cannot be true because more people will be encouraged to go into the production of cassava to earn more money.”