28 May 2015

President-elect Buhari consults oil marketers and others on fuel subsidy

President-elect, Muhammadu Buhari, is now gathering data that will drive his policy direction on the downstream sector of the petroleum industry, with a view to finding solution to scarcity of products.

It was gathered that he is making contact with relevant stakeholders on how to effectively implement the subsidy regime by analysing the market response to the policy, especially as it affects acute scarcity of products.



Niger State Governor, Babangida Aliyu, yesterday, said the solution to frequent fuel crisis is total removal of subsidy on petroleum products. He said this at the inauguration of a three-star hotel constructed jointly by the Niger State Development Company Limited (NSDC) and the state Subsidy Re-investment and Empowerment Programme (Sure-P).

According to him, removal of fuel subsidy will put a stop to activities of cabals in the oil business, while guaranteeing regular supply of the product across the country.

The subsidy on petroleum product, Aliyu argued, is currently being enjoyed by only a section of the society who has the necessary connection to be importers of the commodity.

‘‘Unless fuel subsidy is removed and we go back to the real market, we will continue to have the type of problem facing the country at the moment.”

“Is it not an irony that we sell crude oil and we end up buying refined petroleum from the international market?” Aliyu asked.
He also suggested the regionalisation of the distribution of power, instead of lumping all parts of the country onto the national grid.

The Executive Secretary of Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Olufemi Adewole confirmed an invitation to the group by the President-elect’s Transition Committee.

“Yes we received an invitation from the Transition Committee for us to submit a presentation to it today (yesterday). We are still working on the presentation and will submit it as soon as it is ready,” Adewole said.
Credit: Emeka Anuforo/Collins Olayinka/Nigerian Guardian

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