The chairman, Major oil Marketers Association of Nigeria (MOMAN), Mr. Olumide Adeosun, has said the regulated N165 pump price for petrol is no longer sustainable.
He stated this yesterday during a virtual consumer protection workshop held for oil marketers by the Federal Competition and Consumer Protection Commission (FCCPC).
Adeosun, who was reacting to the lingering fuel scarcity across the country, blamed the situation on the ongoing conflict between Russia and Ukraine, which has disrupted global energy supply distribution.
He likened the current situation to the COVID-19 pandemic era, with some countries moving to halt the exportation of petrol in favour of their own national energy securities.
He maintained that it would be difficult to enforce any kind of price control mechanism on marketers who have to slightly adjust their prices based on how much they buy products from the depots.
He said the way forward is phased deregulation of PMS by the Federal Government to reduce shock on consumers.
Adeosun said gradual price deregulation should be followed with targeted palliatives in areas of transportation and agricultural subsidies to the public to ease implementation.
He said a huge amount spent on petrol subsidy over the years would have been deployed to other critical areas that could have reduced the impact of the current energy crisis on Nigerians.
Adeosun sympathized with Nigerians and the federal government who have been bearing the huge subsidy cost, adding that the government is working assiduously to mitigate the effects of the situation on the economy.
He said as the nation is moving towards full deregulation of the downstream petroleum sector, MOMAN would continue to collaborate with the FCCPC to ensure the protection of the rights of consumers.
Earlier, the executive vice chairman, FCCPC, Mr. Babatunde Irukera, charged oil marketers to shun anti-competitive conduct and other acts that could shortchange consumers.
Irukera, who was represented by executive commissioner, operations, Mr. Adamu Abdullahi, reiterated the commission’s commitment to the protection of consumers from exploitation.
In his presentation, a lawyer and partner at Simmons Coopers, Mr. Ikem Isiekwena, urged MOMAN to promote efficient health, environmental, safety and quality-related industry processes, in accordance with provisions of the FCCPC Act.
He also urged the marketers to liaise and coordinate with specific industry regulators and its members on consumer protection issues.
