The Founder and Chief Executive Officer (CEO) of Pinnacle Oil and Gas Limited, Mr Peter Mbah, has stated the reason why petroleum products scarcity still persist.
Mr Mbah blamed the inadequate investments in the downstream of the oil and gas sector for ceaseless petroleum products scarcity.
He stated this while speaking to State House reporters over the weekend, after a meeting with President Muhammadu Buhari at the Presidential Villa, Abuja in company with the chairman of the firm, who is the Emir of Bichi Kingdom in Kano State, Alhaji Nasiru Ado-Bayero,
It would be recalled that there have been protracted bouts of petroleum product scarcity, especially the Premium Motor Spirit (PMS) also known as petrol, across the country, leading to a series of controversies and buck-passing between the regulatory agencies and petroleum marketers.
Mbah, while speaking during his ‘thank you’ visit to the president in his office, said as part of efforts to resolve the problem, his firm had inaugurated the largest storage terminal in West Africa in Lagos last year.
He added, “As you know, this is an investment size of about $1 billion. So, we are expecting to see more of such investments because what the Pinnacle has done is to create some efficiency in the supply and distribution value-chain of the downstream sector.