Wednesday, June 12, 2024

Subsidy Removal: Oil marketers call for sustainable palliative measures for Nigerians

According to him, this is to support less privileged individuals in society currently facing hardships.

• July 19, 2023
NNPC
A filling station used to illustrate the story

The major oil marketers association of Nigeria (MOMAN) has urged the federal government to focus more on effective and sustainable palliatives for Nigerians to ease their hardship.

Olumide Adeosun, the chairman of MOMAN, gave the advice during a workshop training for energy correspondents on Tuesday in Lagos.

Mr Adeosun said that effective and sustainable implementation of the gains from subsidy removal remain paramount for stability.

He said that in the spirit of transparency, MOMAN advocated for federal, state, and local governments, as well as employers of labour to implement palliative measures.

According to him, this is to support less privileged individuals in society currently facing hardships.

He said that it was essential that rapidly executed palliative measures receive wide publicity to alleviate the already agitated public sentiments.

“At MOMAN, we have always anticipated that the removal of subsidies and the stabilisation of the downstream market would be a gradual process.

“This process necessitates operators and regulators to engage the public transparently, earn public trust, and foster fair competition that ensures full value for customers at the fuel pumps.

“We commend the authorities for their urgent efforts in opening the market, allowing various players to import petroleum products into the country.

“This market liberalisation and the commitment to a level playing field should enhance operators’ efficiency, enabling them to offer competitive pricing choices to the public,” he said.

Mr Adeosun said that some operators have successfully imported petrol into the country, marking the first practical step toward a liberalised market.

He, however, said that the major challenges still lie in accessing foreign exchange for imports and ensuring a level playing field regarding pump prices.

He said: “If marketers are undertaking the financial risk of importing petrol, measures must be in place, in line with the Petroleum Industry Act, to ensure that no one player has an unfair advantage.”

He advised that these gains should be invested in the promised palliatives, including subsidised transportation, as well as social investment programmes.

 (NAN) 

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