Akor Sylvester
4 November 2009
Abuja — THE Presidency last night said it would not fold its arms and watch a few individuals unleash suffering on motorists in the name of fuel scarcity, warning that any marketer henceforth found to be hoarding petroleum products would face the full weight of the law.
It positioned that there is more than enough fuel supply in the country to last at least one month, expressing regret that unscrupulous elements are hoarding the commodity and in the process selling for scandalous prices.
Presidential spokesman, Mr. Olusegun Adeniyi told the State House correspondents in Abuja last night that the current situation with regard to availability of fuel at the filling stations in the country justified government's position on the need for the deregulation of the downstream industry.
"What has been happening is a shame and it all goes to highlight why the market has to be taken away from the grip of some opportunists who feed fat on our collective misery as a nation.
"As I am talking to you right now, I am aware that the NNPC has distributed within the country a stock of PMS enough to last 45 days even if everyone decides to fuel their cars everyday but these people are hoarding the commodity and in the process selling for scandalous prices", he stated.
Although he said government believed strongly that the planned deregulation of the downstream sector was in the interest of the common good, he gave assurance that it would not resort to the past method of midnight changing of pump price without concluding the on-going consultations with all the critical stakeholders on the issue of deregulation.
Adeniyi explained that President Umaru Yar'Adua had always believed that the interest of the people would be better served and their welfare enhanced when their collective buy-in was secured on government policy, adding "on this issue, it is difficult to think of more important stakeholders than labour and that is why the president insists that they be carried along in the exercise".
"Deregulation is in the interest of everybody and the opening up of the telecoms sector has shown very clearly that ultimately the price of fuel does not have to be high. You all remember that when GSM was first introduced people were paying from between N14,000 to as much as about N30,000 for a sim card, yet today, the same sim card is now between N200 and N1,000. That is what you enjoy in a deregulated market", he further pointed out.
The presidential spokesman expressed strong conviction that consumers would begin to enjoy a fairer deal in the market once the current distortions and monumental corruption in the sector were removed and competition established, adding it would encourage the building of private refineries and other associated benefits.
"President Yar'Adua believes deregulation is central to the reform of the oil and gas sector and that we must begin to think and act not only with an eye on the short term, but also for the medium and long term.
And for that reason, he insists on continuous dialogue with labour and other critical stakeholders until we reach a meaningful consensus and hopefully that will come very soon", he stated.
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