The Independent Petroleum Marketers Association of Nigeria (lPMAN) has called on President Bola Ahmed Tinubu to walk its talks on the total deregulation of the downstream sector of the oil sector having taken a decisive position through the removal of subsidy on fuel.
The association’s call is on the heels of divergent opinions trailing the new price increase by the sole importer of the product, the Nigerian National Petroleum Company Limited (NNPCL).
According to the Wednesday announcement by the oil corporation, the product will now sell between N488 and N557.00 per litre, depending on the distance between the loading depots and the geo-political zones.
Checks revealed that the NNPCL’s four refineries with 445,000 barrels per day refining capacities have not been functioning at optimal capacity, while the Dangote Refinery recently commissioned with 650, 000 barrels per day refining capacity was yet to commence operation.
The IPMAN in a statement signed by President and National Secretary, Alhaji Debo Ahmed and Chief John Kekeocha, respectively asked Tinubu to ensure that other downstream sector players, apart from the NNPC are allowed to partake in the importation of petrol.
IPMAN which noted that “the primary essence of removing subsidy is to free the market and make it competitive,” declared that allowing other interested parties into the petroleum supply network, either through local refining or importation will guarantee adequate production and supply and ultimately, “precipitate reasonable reductions in the high price that is being witnessed at this initial take off.”
The statement also enjoined the federal government to ensure that Nigerians at the receiving end of the subsidy removal feel “the dividends in the areas of infrastructural development, in the health sector, education and basic social amenities will be attended to.”
The statement reads in part: “As the Nigerian National Petroleum Company Limited (NNPCL) continued to justify its price template for Premium Motor Spirit, (PMS), another.
“The lndependent Petroleum Marketers Association of Nigeria (lPMAN) wishes to lend its voice in support of the current removal of the long-awaited petroleum subsidy which had lingered for more than 20yrs. It goes a long way to demonstrate the very strong will and dexterity that President Bola Ahmed Tinubu has in his promise to liberate Nigerians from perpetual indebtedness and easy borrowing which has jeopardized all efforts for reasonable progress in the country.
“It is our belief and hope that the Nigerian National Petroleum Company Limited (NNPCL) will ensure that the product is made available for Nigerians and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) ensures adequate monitoring and distribution making sure that the policy takes place seamlessly.
“However, it’s important to state here that the primary essence of removing subsidy is to free the market and make it competitive. This is by allowing other interested parties into the petroleum supply network. This is either by their engaging in importation or local refining. It’s the duty of the government to ensure that all bottlenecks and frustrations in this regard are removed so that adequate productions and supplies will eventually precipitate reasonable reductions in the high price that is being witnessed at this initial take-off.
“While many Nigerians welcome this policy with a pinch of salt, it is our prayers and belief that the constraining sacrifices of the people in swallowing this bitter pill will be compensated with obvious and empirical proof of how the dividends of the subsidy removal have positively impacted on the lives of the people vis-a-vis the economy. The other indices of good governance in the areas of infrastructural development, the health sector, education and basic social amenities will be attended to.
“Finally, the lndependent Petroleum Marketers Association Of Nigeria lPMAN promises to align with the present administration in this social contract by playing according to the rules and believing that this policy will be a milestone in repositioning our ailing economy.
“We wish the government of most distinguished senator Bola Ahmed Tinubu the best in its endeavours to liberate Nigeria from the shackles of poverty and stagnation and we believe God will honour our faith.”
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