Depot owners insist on full deregulation of downstream oil, gas sector

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Olufemi Adewole, Executive Secretary of DAPMAN

By Yunus Yusuf

The Depot and Petroleum Marketers Association of Nigeria (DAPMAN) says the rise in landing cost of petroleum products has renewed calls for full deregulation.

The group therefore, called for deregulation of the downstream sub-sector of the nation’s oil and gas industry.

Its Executive Secretary, Mr Olufemi Adewole, told the News Agency of Nigeria (NAN) in Lagos, that deregulation of the downstream remained the  best option as the ongoing subsidy by the Nigerian National Petroleum Corporation (NNPC) was not sustainable.

Adewole said that as private marketers continued to stay on the sidelines in terms of petroleum products importation, depot owners had reiterated the need for the Federal Government to fully deregulate the fuel market.

He said that NNPC had been the sole importer of petrol into the country for two years and that private oil marketers stopped importation due to shortage of foreign exchange and…



Source: News Agency of Nigeria