COVID-19 or not, future of world oil market is bright, says Petrocam MD, as firm opens new station

Mr. Patrick Ilo

By 'Gbenga Bankole

Despite reports that Organization of the Petroleum Exporting Countries (OPEC) has revised downward its world oil demand in 2020, to an estimated 8.9 million barrels per day, the Managing Director of Petrocam Trading Nigeria Limited, Mr. Patrick Ilo is optimistic that the future of global oil and gas industry is bright.

He noted that there is going to be boost in demand and supply of oil at the global market because economic activities will resume.

Ilo stated this on Wednesday July 16, 2020 in an interview with newsmen at the formal opening of Petrocam new solar powered filling station in Ogolonto, Ikorodu, Lagos. The filing station which is opposite Justrite Supermarket, Ogolonto has five metric tonnes gas skid and six underground tanks with 45,000 litres capacity each, five tanks for PMS and one tank for Automated Gas Oil (AGO).

According to Ilo, people will soon know how to live with COVID-19 and the disease will become a malaria and when you have it there will be drugs to treat yourself.

He stressed that we are going to live with COVID-19 and it’s going to live with us and we are going to master it.

While commenting on the effect of COVID-19 on downstream sector, Ilo said, "COVID-19 has severely affected the downstream sector. The economy is not in full swing and we have been experiencing low patronage. Downstream is a function of a number of cars or trucks doing their commercial activities. It is when people are doing their commercial activities that they buy fuel. At this period people are not buying compared to pre COVID-19 era and sales have reduced drastically, but it is only for a period of time."

On Petroleum Products Pricing Regulatory Agency's (PPPRA)
statement that it will continue to provide "guiding price" for petrol  despite deregulation, he said "it is one of their statutory functions, until the Act is scrapped they will continue to do that. Deregulation has to be effective, until this is done, PPPRA will continue to do what they are doing."

Also speaking with newsmen, the
Chief Operating Officer,
Petrocam Trading Nigeria Limited,
Mrs. Eyo Oghogho said the newly commissioned filling station is the 17th outlet of Petrocam out of which13 are solar powered.

She disclosed that their plan has always been to go round Lagos State and neighboring towns and build one-stop filling station where people can buy fuel, gas, lubricants and grease, service their cars etc. before launching to other state capitals.

Oghogho stated that so far, they have outlets in Alimosho Local Government, Eti Osa Local Government and some others, adding that "we have itemized Local Governments with high population in Lagos State and Ikorodu is one of them and that is one of the reasons behind our coming to Ikorodu."

Contrary to reports that the firm planned to build modular refinery, Oghogho said it is never in their plan to build a modular refinery, noting that their Managing Director was misquoted.

On the plan to build more outlets, she said "a lot of outlets are in the pipeline. With Federal Government involvement in LPG which is to encourage the usage of the product, we are going to the suburbs in Lagos State and provide LPG plants where people can have access to LPG without travelling miles. We are looking at going to Mowe, Igbesa and other neighboring towns."
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