There are indications that the Federal Government may be pressured to completely deregulate the Downstream Sector of Nigeria’s petroleum industry, as President Muhammadu Buhari meets major stakeholders in Aso Rock, tomorrow, Vanguard reports.
It was gathered that many of the stakeholders invited to engage with the president, as part of measures at finding lasting solutions to the lingering fuel scarcity, tomorrow, are in favour of total deregulation. For instance, Mr. Mike Osatuyi, National Operation Controller, Independent Marketers Association of Nigeria (IPMAN), said yesterday that total deregulation remained the best solution to ending the fuel scarcity.
However, due to the potential hardship this could cause Nigerians in the short term, the meeting will likely examine other options, including continued massive importation by the Nigerian National Petroleum Corporation (NNPC) and the involvement of oil marketers in direct importation of the product.
The major and independent oil marketers, it was gathered would need discounted allocation of N250 to a dollar and approval by the government to import the product. The marketers believe that the second option will be better as they already have commercial storage facilities to store and distribute the product to filling stations nationwide.
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