Africa Press-Nigeria:<\/p>\n
THE Major Oil Marketers Association of Nigeria (MOMAN) said on Friday that the deregulation of the sale of Premium Motor Spirit (PMS), also known as petrol, would be beneficial to Nigeria and Nigerians in the long run.<\/p>\n
Chairman of the association, Mr Tunji Oyebanji, said in a reaction to the outcry over the latest increment of the ex-depot price of petrol that the price increase is a historic opportunity for Nigeria to \u201cget it right this time as a country to rebuild our economy for the benefit of all Nigerians.\u201d<\/p>\n
The PPMC, a subsidiary of the Nigerian National Petroleum Corporation (NNPC), on Wednesday announced a new ex-depot price of N151.56k for PMS against the N138.62k announced in August.<\/p>\n
The development had led to an increment in the pump price of the product to between N160 and N163 in filling stations across the state.<\/p>\n
Oyebanji said: \u201cSo, as things stand, we are into full deregulation.<\/p>\n
\u201cUnfortunately, this is coming at a time when most of our citizens are struggling with difficulties created within the context of the post COVID-19 economy.<\/p>\n
\u201cHowever, we believe that Nigeria is being presented with a historic opportunity to get it right this time as a country to rebuild our economy for the benefit of all Nigerians.<\/p>\n
\u201cWe welcome government\u2019s action in allowing the market to determine prices as we believe it will prevent the return of subsidies while allowing operators the opportunity to recover their costs.\u201d<\/p>\n
According to him, this will in the long run encourage investments and create jobs.<\/p>\n
\u201cWe all must remember the country is broke and can no longer afford subsidy. There is no provision for it in the budget. With this, the incentive for smuggling will be reduced. More funds will be available to the government for investments in infrastructure, roads, health, education and power,\u201d he said.<\/p>\n
Oyebanji also explained that deregulation meant that prices would go up and down depending on the market forces.<\/p>\n
He said: \u201cThey went down in April, now they will go up as we are entering the European winter season and demand for refined crude goes up.<\/p>\n
Africa Press-Nigeria: THE Major Oil Marketers Association of Nigeria (MOMAN) said on Friday that the deregulation of the sale of Premium Motor Spirit (PMS), also known as petrol, would be beneficial to Nigeria and Nigerians in the long run. Chairman of the association, Mr Tunji Oyebanji, said in a reaction to the outcry over the […]<\/p>\n","protected":false},"author":62,"featured_media":2577,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[24,15],"tags":[434,228],"class_list":["post-29554","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-nnpc","tag-oil-production"],"yoast_head":"\n