Private stakeholders in Nigeria’s downstream sector of the oil industry have urged the government for complete deregulation of the downstream sector
The stakeholders, Major Oil Marketers of Nigeria (MOMAN), Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), and Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN), have asked the government to draw up a pricing plan formula that will usher in a seamless and market-determined price of premium motor spirit.
Oyetunji Oyebanji, president of MOWAN, said, “The downstream end of Nigeria’s oil industry requires significant investment to improve service delivery and to generate employment, help in expanding and growing the economy, and so it needs full and total deregulation with appropriate standards and regulation in terms of consumer protection.
“We are all interested in the future of the country as stakeholders. But we need to make the right policy decisions at the appropriate time. Nigeria cannot, as we know, continue to subsidise fuel.
“Over the last 15 years, we have spent close to N10tn subsidising fuel. This is just unsustainable in this environment, and I think posterity will not judge us properly if we do not make the right decisions.”