OPINION BY ADEBAYO ABUBAKAR: PMS, Nigeria’s oil and gas regulatory agency, and how not to be in charge | TheCable
umpire, monitoring the activities of the industry players with a view to ensuring that, they do not unnecessarily profiteer. Students of Economics, whether major, or minor, no matter how academically poor, would always tell you that all the government does, through its agencies, is to ensure that sanity reigns within the business ecosystem. This reinforces the saying that “government has no business in business”.
What governments normally do in deregulated economies is to set up regulatory agencies in each of the concerned sectors to superintendent what goes on, in there. But welcome to Nigeria, where regulatory agencies are more concerned about revenue-generation, jettisoning their statutory core responsibilities. The reason is not far-fetched. Most of the revenues collected almost always ends up in either private pockets, or private bank accounts, instead of governments’ coffers.
As of today, officially the pump price for Premium Motor Spirit in Nigeria is still ₦165 per litre, but the cheapest you can get it is ₦190, a litre. I, was told but, do not know how true it is, that it is still being sold by the state-owned Nigeria National Petroleum Company Limited’s fuelling stations at the official rate of ₦165 per litre whenever they have it.
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