“Deregulation means that the Government will no longer continue to be the main supplier of Petroleum Products, but will encourage private sector to takeover the role of supplying Petroleum Products.”
He said it was unrealistic to continue to subsidise the Premium Motor Spirit also known as petrol as it had no economic value.“It has become expedient for the Ministry of Petroleum to explain misconceptions around the issue of Petroleum Products Deregulation.
“Deregulation means that the Government will no longer continue to be the main supplier of Petroleum Products, but will encourage private sector to takeover the role of supplying Petroleum Products,” he said.This, he said was in line with global best practices adding that government would continue to play its traditional role of regulation; to ensure that this strategic commodity was not priced arbitrarily by private sector suppliers.
Sylva noted that when Crude Oil prices were down, government, through its regulatory functions ensured that the benefits of lower Crude Oil prices were enjoyed by Nigerians by ensuring that PMS price was lowered. ” We can no longer avoid the inevitable and expect the impossible to continue. There was no time government promised to reduce Pump Price and keep it permanently low.
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