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Nigerian Downstream Operators Urge Incoming President to Remove Fuel Subsidy

By Adaobi Rhema Oguejiofor

Downstream operators in the Nigerian oil and gas industry have urged the country’s incoming president to make the removal of fuel subsidy and the deregulation of the downstream sector a priority.

The industry ooerators who are calling for this fuel subsidy removal include members of the Major Oil Marketers Association of Nigeria (MOMAN), as well as those of the Petroleum Retail Outlet Owners Association of Nigeria (PETROAN), and the Independent Petroleum Marketers Association of Nigeria (IPMAN).

The concerned associations also advised the next president of Nigeria to pick his appointees for the petroleum ministry from the league of competent and experienced industry operators available in order to provide efficient management of the petroleum sector in the country.

While speaking on what petroleum industry players expect from the next president, the immediate-past Chairman of MOMAN, Mr. Adetunji Oyebanji, laid emphasis on the need for full deregulation of the downstream petroleum sector.

He particularly urged the incoming president to fully deregulate the downstream sector, end fuel subsidy, and allow a free market environment to prevail in the oil and gas marketing business. 

Oyebanji explained that fuel subsidy was one of the things drawing the industry and the Nigerian economy backwards. According to him, removing it would allow investments to flow into the sector and ultimately improve the country’s economy.

The National Operations Controller of IPMAN, Mr. Mike Osatuyi, also urged the incoming president to deregulate the downstream sector and remove fuel subsidy, just as he had promised to do during his campaigns.

Osatuyi suggested that setting up a committee involving industry players and critical stakeholders, including the civil society, will help to work out some curative measures that can soften the adverse effect of the policy on the poor masses.

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