In this interview with energy journalists Robert Dickerman, MD and CEO of Pinnacle Oil & Gas Limited, identifies major causes of the continuous rise of LPG prices among other industry challenges. CHIKA IZUORA was there for LEADERSHIPForty per cent of the propane and butane, which is what Liquified Petroleum Gas, LPG or cooking gas is, there’s two products.They’re light ends, so they’re called. And they’re in gases because in atmospheric temperatures and pressures, they are gases.
The short-term decisions that are being made often conflict with the long-term objectives. Long-term objectives are very simple and it’s not just about our industry. It’s about the country and it’s about the economy of the country. The difference between the official and the unofficial rate for example today is 250 Naira per dollar. It’s massive. That is what creates this effective continued monopoly by NNPC Limited, which isn’t healthy for a market and it’s not healthy for Nigeria. It’s not healthy for investment and it isn’t creating a marketplace.
The whole vision around not just that terminal, but our entire corporate strategy is about creating efficiencies. Where we see inefficiency, that’s where we want to make investment. Reducing inefficiency is actually our business model. water moorings, others can take advantage of it as well. Our business is actually doing very well, but it’s really because that’s the business that we’re in, really.We are cautiously and selectively expanding our retail network.
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