Oil marketers call for total deregulation of downstream oil sector

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The Independent Petroleum Marketers Association of Nigeria (IPMAN) and Depot and Petroleum Products Marketers Association (DAPPMA) have called for the total deregulation of the downstream sub-sector of the country’s oil and gas industry, The Guardian reports.

The marketers under the aegis of IPMAN and DAPPMA said last week in Lagos that this was against the backdrop of fuel hike and frequent scarcity in the country. They said that the deregulation of the sub-sector was the only panacea that could bring an end to the perennial problems inhibiting the smooth operations of the sub-sector such as the lingering fuel scarcity and the payment of petroleum subsidies.

Alhaji Debo Ahmed, the Chairman, South-west Zone of IPMAN said that deregulation of the downstream sector remained the best options to address frequent fuel scarcity in the country. Also, Mr Olufemi Adewole, the Executive Secretary of DAPPMA, said that oil marketing companies had the capacity to import and sell petroleum products at reasonable and competitive prices if the sector is deregulated.