Lagos — Oil marketers have implored the federal government to urgently liberalise the downstream subsector of the oil and gas sector to attract the desired investment and curb leakages arising from fuel subaidy regime.
They appealed to government to have a re-think on the measure to deregulate and libralised the downstream to pave way for investments from the private sector
As private marketers continue to stay on the sidelines in terms of petroleum products importation, stakeholders have reiterated the need for the Federal Government to fully deregulate the fuel market.
The marketers, under the aegis of Major Oil Marketers Association of Nigeria, MOMAN, Independent Petroleum Marketers Association of Nigeria, IPMAN, and Depot and Petroleum Products Marketers Association, DAPPMA, who made the call in Lagos said the measure will engender unfettered private sector participation and investment, which has been hampered by absence of appropriate regulatory framework.
Speaking on the issue Chief Executive Officer/Executive Secretary, MOMAN, Mr Clement Isong, said the downstream petroleum industry regulations should be in line with international best practice.
Also speaking, the Executive Secretary, Depot and Petroleum Products Marketers Association of Nigeria, (DAPPMAN), Mr Olufemi Adewole, said that rise in the landing cost of petroleum products has renewed the calls for the full deregulation of the downstream subsector of the nation's oil and gas industry, '
Also, the National President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Mr Chinedu Okoronkwo said total deregulation of the downstream sector would also attract more investment, generate more jobs and reduce the pressure on foreign reserves.