Lagos – The Independent Petroleum Marketers Association of Nigeria (IPMAN) has advised the Federal Government to commence total deregulation of the oil and gas sector to avert frequent fuel scarcity.
The National Operation Controller of IPMAN, Mr Mike Osatuyi, gave the advice on Friday in Lagos in an interview with the News Agency of Nigeria (NAN).
Osatuyi said that the deregulation of the downstream sector was the best option for the nation’s oil industry.
He said that the current fuel scarcity had reawakened the call for complete deregulation of the downstream sector.
Osatuyi said that if petrol was deregulated like diesel, this would address many challenges confronting the sector.
He said that the deregulation of the sector was the only panacea that could bring an end to the perennial fuel scarcity and complaints of non- payment of petroleum subsidies.
The IPMAN chief said that the deregulation of the sector would help to provide enduring solution to the recurring problem of corruption associated with subsidy regime in the sector.
Osatuyi also noted that deregulation would address the functionality of the refineries, boost investment in the downstream sector and create more jobs in the sector.
He said that deregulation would help the sector and the nation’s economy by attracting private capital.
“We appeal to the labour unions and the citizens to give the reform of the oil and gas sector a chance.
“The current model of managing the sector has done a colossal damage to the Nigerian economy.
“It is in the overall interest of the economy and the citizens that government should quickly deregulate the sector,’’ Osatuyi said.
He said that oil marketing companies had the capacity to import and sell petroleum products at reasonable and competitive prices if deregulated.
The IPMAN chief said: “Based on our experience with diesel, which was completely deregulated years ago, the panacea to fuel scarcity is deregulation.’’
“I have been in the oil industry for a very long time and almost 80 per cent of that time, we have experienced strikes.
“We will end it one day and there are just two words: complete deregulation,’’ he said.
