How Full Downstream Deregulation May Pave Way to End Fuel Scarcity

Since the inauguration of  Bola Tinubu as Nigeria's President, Nigerians have been complaining about the removal of fuel subsidy, while some experts have asked the President to suspend the implementation of the verdict until the country's refineries are working perfectly.

However, the FG is still quiet about it but has urged Nigerians to be patient as they are making sure that it's beneficial in the end. 

In view of that, the Chief Executive Officer of Petrocam Trading Nigeria Limited, Mr. Patrick Ilo has said that the deregulation policy implemented by the FG is one that will cure the lingering fuel crisis in Nigeria.

While on a talk with journalists during the inauguration of Petrocam's head office in Lagos, he stated that the removal of the fuel subsidy by the present administration which led to market forces having the power to determine the products of crude oil was a welcome development.

We went further to say that the FG's decision to deregulate the downstream sector of Nigeria's oil and gas industry would walk along with the goals of Petrocam.

He said,

• President Bola Tinubu was conscious of deregulation. There are problems but problems are meant to be solved. We will surmount the problems and over time, they will be over. I can guarantee that there will be no fuel scarcity in Nigeria with deregulation.

Also, the founder of Petrocam Group, Shiraz Gany also supported the words of IIo as he added that he has hope that naira will become stable once the new cabinet begins working full time which in turn will make fuel more affordable for the common man.

He said,

• Deregulation has been good for the country because, at least, there are no inefficiencies. You can pay for Premium Motor Spirit (PMS) at market price. Government can now spend money on critical infrastructure to make the country more efficient for Nigerians.

The Chief Operating Officer of Petrocam, Mrs. Eyo Oghogho shared a story on how the company started the business with a filling station, but presently the firm has over 45 filling stations in Lagos and Oyo States—she also said that the company is making plans to move to other parts of the country.