SUBSIDY REMOVAL : OIL AND GAS INDUSTRY PLAYERS ARE READY – MAJOR OIL MARKETERS
The Chairman of the Major Oil Marketers Association of Nigeria ( MOMAN), Olumide Adeosun has reiterated that the oil and gas industry players are ready to ensure that the forthcoming removal of fuel subsidy by the federal government is a success as it will impact positively on the Nigerian economy.
Speaking at the 6th edition of the Nigeria International Energy Summit (NIES) in Abuja yesterday, the MOMAN Chairman who is also the Chief Executive Officer of Ardova Plc said that an enabling environment is also needed to ensure that those who can afford the new fuel price pay for it.
The MOMAN boss emphasised the need to ensure the workability of the regime. Insisting that this can be done by “creating a practical regime so that those who can afford it pay for the cost of the subsidy” he said.
Adding that people of lower means can be shielded from the impact of the removal. According to him, the government should ensure that those who cannot afford the cost are not segregated from the economic activities.
Adeosun maintained that long before now there are various official documents containing complete set up processes and procedures of the good reasons why; there is the need to take away the regulated price regime and allow the market forces to determine the price of the product.
According to him people have had access to these documents and have been working and operating along this line not necessarily in preparation for the forth coming removal “but because that is the standard to work towards” the MOMAN chairman said.
He urged the government to ensure that all the non technical risk are fully taken care of as prices of public transportation are likely to skyrocket come the day of the fuel subsidy removal.
