N165 Petrol Pump Price No Longer Visible — MOMAN

Sodiq Yusuf

THE Major Oil Marketers Association of Nigeria, (MOMAN), has said that the regulated N165 pump price for Premium Motor Spirit (PMS), also known as petrol, is no longer realistic.

Chairman of the Association, Mr. Olumide Adeosun, stated this during a virtual consumer protection workshop for oil marketers by the Federal Competition and Consumer Protection Commission, FCCPC, in Lagos on Wednesday.  

Adeosun while reacting to the lingering fuel scarcity across the country, blamed the situation on the ongoing conflict between Russia and Ukraine, which had disrupted global energy supply distribution.

He maintained that it would be difficult to enforce any kind of price control mechanism on marketers who had to slightly adjust their prices based on how much they bought products from the depots.

The MOMAN chairman said the way forward was a phased deregulation of PMS by the Federal Government to reduce the shock on consumers.

He maintained that the gradual price deregulation should be followed with targeted palliatives in the areas of transportation and agricultural subsidies to the public to ease implementation.

Adeosun further disclosed that the huge amount spent on petrol subsidy over the years would have been deployed to other critical areas that could have reduced the impact of the current energy crisis on Nigerians.