Oil marketers have said the inability of the Federal Government to unveil legislation that will support claims of deregulation shows that it is still flirting with subsidy, and might be unwilling to adjust prices when oil prices hit certain benchmarks. Besides, the operators said it would be unfair for government to remain a regulator and market player at the same time, thus giving it undue advantage over other players. Speaking during a webinar on, “Downstream Petroleum Market Deregulation: Prospective Impact on Nigerian Economy Post COVID-19,” organised by Financial Energy Review in collaboration with Leadgrid Series, Chairman of the Major Oil Marketers Association of Nigeria (MOMAN), Adetunji Oyebanji, said for investments to thrive in the industry, operators need stability and proper market assessment. Oyebanji equally decried the losses suffered by marketers as a result of the recent reduction of the pump price of Premium Motoring Spirit (PMS) also called petrol, to N121 from N145 per litre by the Federal Government.

Source: The Guardian June 10, 2020 04:18 UTC