The Major Oil Marketers Association of Nigeria (MOMAN) says the regulated N165 pump price for Premium Motor Spirit (PMS), popularly known as petrol, is no longer realistic.
The MOMAN chairman, Mr Olumide Adeosun, said this on Wednesday during a virtual consumer protection workshop 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 Russia-Ukraine war which had disrupted global energy supply distribution.
The MOMAN chairman likened the current situation to the COVID-19 pandemic era with some countries moving to halt exportation of petrol in favour of their own national energy securities.
He stressed that it would be difficult to enforce any kind of price control mechanism on marketers who had to slightly adjust their prices based on how much they bought products from the depots.
READ ALSO: Fuel scarcity worsens as product hits N250/litre in Abuja, others
Adeosun said the solution was phased deregulation of petrol by the Federal Government to reduce the shock on consumers, adding that the gradual price deregulation should be followed with targeted palliatives in the areas of transportation and agricultural subsidies to the public to ease implementation.
The MOMAN chairman stated that the 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 empathised with Nigerians and the Federal Government who had been bearing the huge subsidy cost, adding that the government was working assiduously to mitigate the effects of the situation on the economy.
He said as the country was 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.
Also speaking at the event the Executive Vice Chairman of FCCPC, Mr Babatunde Irukera, urged oil marketers to shun anti-competitive conduct and other acts that would short-change consumers.
Irukera, who was represented by the Executive Commissioner, Operations, FCCPC, Mr Adamu Abdullahi, reiterated the commission’s commitment to the protection of consumers from exploitation.
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