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FG monopolising fuel deregulation – IPMAN

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has said the federal government was enforcing a monopolistic deregulation of the petroleum downstream sector instead of total exercise.

The National Operations Controller of IPMAN, Mr Mike Osatuyi, in a statement, said the government had not allowed market forces to determine the petroleum pump price.

Osatuyi said the Nigerian National Petroleum Corporation (NNPC) has been the sole importer of petrol and few markets operating crude for refined white products under the name, Direct Supply Direct Purchase (DSDP), which negates the principle of market deregulation of the sector.

According to him, government monopolising importation of petrol has negated the principle of equal participation.

“There is a need for the government to allow other players into the market to import petrol by making forex available at CBN official rate as promised severally by the Minister of State for Petroleum, His Excellency, Mr Timipre Sylva”.

Osatuyi said: “Government announced full deregulation of PMS (petrol) in March 2020 but we witnessed price band control up to August 2020.

“From September, the price band control was withdrawn with the hope that full deregulation will surface but what we have been experiencing now is monopolistic deregulations.”

Source: Daily Trust