Some stakeholders in the oil and gas sector on Thursday commended the Federal Government for the total deregulation of the petroleum sector.
In separate interviews
with the News Agency of Nigeria (NAN) in Lagos, they said the move would
provide enabling environment for investment in the sector.
Mr Oluwaseyi Gambo,
the former Public Relations Officer of PENGASSAN, said the deregulation would
allow government to focus on revitalising ailing areas of the economy.
“It is unfortunate
that it is happening at this time that most Nigerians can hardly feed
themselves.
“However, we also know
that only very few towns like Lagos, Port-Harcourt and Abuja were enjoying the
old pump price.
“The only thing that I
will give to this government is that whatever is saved from the removal of
subsidy will not be looted or catered away.
“It should be invested
in ailing, but important areas of the economy like road infrastructure, power
and health.
“Past carelessness on
the part of the citizenry is what we are all paying for now,” he said.
Gambo urged the
government to put in place palliative measures in order to alleviate the
hardship masses would face as a result of the total deregulation of the
petroleum sector.
“It is really like
putting the cart before the horse this time, but one can understand the
constraints of government, the pressure of government to perform and bring to
the fore some electoral promises.
“So, let us swallow
the bitter pill now and people will understand when things start taking a turn
for the better,” he said.
Chief Folorunsho
Alake, an IPMAN member, told NAN that the price increase was a welcome
development, adding that government had no business doing business.
Alake said that the
step would allow for massive investment in the oil and gas sector.
He urged Nigerians to
bear with government over the current economic hardship and said that the price
of crude oil in the international market might soon appreciate.
“When President
Olusegun Obasanjo removed subsidy in diesel, we were selling it between N160
and N180, but now the price has come down.
“You can get diesel
between N120 and N130; that is a difference of about N50. It will soon come
down if we embrace the new price.
“I will urge the
people to support the new price regime,” he said.
NAN reports that the
Federal Government on May 11 announced a new price regime for petrol with the
highest price of N145 per litre.
The Petroleum Products
Pricing Regulatory Agency (PPPRA) said in Abuja that the new price regime had
taken effect from May 11.
The NNPC, however,
advised its retail stations on the outskirts of major cities to sell at prices
lower than N145 per litre.
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