Since the pronouncements by the NNPC GMD, Nigerians have been asking questions about whether that could translate to mean the take-off of the deregulation
President Muhammadu Buhari, who is the Minister of Petroleum Resources, must issue an official statement to affirm that the recent declaration by the Group Managing Director of the, Mele Kyari, on the end of fuel subsidy payment in Nigeria is not government gimmick, civil society groups have said.
The Petroleum Products Pricing Regulatory Agency later further reduced the price to N123.50 per litre. fuel subsidy, which has cost the country multi-billion Naira in losses over the year, was gone forever. “The deregulation of the downstream sector of the Nigerian oil and gas industry, and indeed the removal of fuel subsidy from the pricing template of the petroleum products, are too crucial for the country’s economy to be left for NNPC alone,” the CSOs said.
“While these difficult policy decisions align completely with our vision and advocacy for the reform of the downstream sector of the petroleum industry, we wish to draw the attention of the government to the important point that more still needs to be done to effectively lead the industry on a path of sustainable regulation based on globally accepted standards and practices,” they said.
Besides, the group wants the government to clarify the role of the Petroleum Support Fund in the new no-subsidy regime, whether the over-recoveries would be deposited there and how they are expected to be spent.
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