•‘Secret approvals of pump price a departure from PIA objectives’ • Marketers seek full deregulation For the second time in about seven months, the Federal Government again acceded to arm-twisting antics of marketers, yesterday, by quietly approving an increment in the pump price of Premium Motor Spirit (PMS), otherwise known as petrol. According to […]
•‘Secret approvals of pump price a departure from PIA objectives’ • Marketers seek full deregulation For the second time in about seven months, the Federal Government again acceded to arm-twisting antics of marketers, yesterday, by quietly approving an increment in the pump price of Premium Motor Spirit , otherwise known as petrol. According to…
The decision to adjust prices, according to insiders, is to encourage marketers to open up for business rather than the ongoing phased rationing causing scarcity, long queues and exploitation of Nigerians by independent marketers and black market operators. The price hovers between N200 and N220 at filling stations operated by independent marketers in the city centre while the price of the commodity is higher in satellite towns such as Nyanyan, Kwali, Zuba, Suleja and Kubwa.
Indeed, members of Depot and Petroleum Products Marketers Association of Nigeria and Major Oil Marketers Association of Nigeria were in Abuja, last week, where they held discussions with the Chief Executive, Midstream and Downstream Petroleum Regulatory Authority , Farouk Ahmed, on the way forward.
Energy economist, Prof. Wunmi Iledare, said any secret approval of the pump price of PMS is a departure from the transparency and accountability objective of the Petroleum Industry Act. “My thinking is that subsidy should be allowed to go forever, so the country can stop ongoing stealing in the name of subsidy.”
“We need, as a matter of urgency, deregulation of the oil sector. Piecemeal deregulation and cutting secret deals will not solve the problem. With hindsight, we would have thought that the new NNPC is commercially driven and will be anchored on transparency and accountability. What we are seeing is a sham whereby NNPC is still being teleguided by the Federal Government,” Okwuosa said.
The rising cost of PMS is mainly boosted by the devaluation of the naira, the Chief Executive Officer of Dairy Hills Limited, Kelvin Emmanuel, said. He argued that the current scarcity is proof that a weak naira contributes 70 per cent to inflation in Nigeria.
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