May 21, 2024
Fuel Scarcity: Marketers urge FG to consider deregulation in phases
– By Godswill Odiong

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By Godswill Odiong
Major Oil Marketers Association of Nigeria (MOMAN) has urged the federal government to consider complete deregulation of the downstream petroleum sector in phases.

In a statement, the oil marketers said the development was necessary to cushion the effects of the sharp rise in fuel prices on the citizens of Nigeria.

The statement said MOMAN would continue to work with other key stakeholders to ensure that it ramps up supplies to retail sites and return to normalcy as soon as possible.

“As a country, we must begin the process of price deregulation to reduce this inefficient subsidy. If the country wishes to implement a subsidy, it must be in areas targeted to help those it should help such as in agriculture and transportation to reduce food price inflation and generate more jobs for Nigerians.

“If the country wishes to implement a subsidy, it must be in areas targeted to help those it should help. Such areas are agriculture and transportation to reduce food price inflation and generate more jobs for Nigerians.

“In tandem, we must find a way to liberalise supply. We must bring transparency and competition into supply to ensure steady and more efficient supply at optimum prices.

“Imported products must compete with locally refined products to find a meeting point between the need for local refining and competitively low but cost-recovered prices for Nigerians for sustainability.

“The dialogue with the Nigerian people needs to begin to identify, negotiate and agree on these areas and begin implementation to save the downstream industry.

“The industry has been in degradation free fall due to a lack of investment to maintain, renew and grow assets and facilities such as refineries, pipelines, depots, trucks and modern filling stations.

The statement said the exploration, production, refining of crude oil and distribution of refined products are international businesses with ebbs and flows.

The statement said, MOMAN has specific models, guidelines, rules and norms designed to protect and sustain consumers of this type of energy and populations impacted by its supply chain.

The statement advised that Nigeria’s government and industry must demonstrably apply accepted health, safety, environmental protection, and quality norms to care for its local populations.

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