Deregulation: Masters energy tasks govt on strict monitoring, promises efficient fuel supply

The President, Masters Energy Group, Uchechukwu Ogah has enjoined the Federal Government and requisite regulatory agencies to set standards and ensure strict monitoring of the fuel marketing value chain to ensure that spurious products do not flood the market and cause preventable damages to the system.

Ogha however assured that Masters Energy would continue to supply petroleum products especially Premium Motor Spirit (PMS) otherwise know as petrol to Nigerians at government’s approved pump price.

Speaking during a strategic session with the dealers of the company, Ogah assured that Masters Energy has primary responsibility to ensure that Nigerians do not necessarily have to suffer before getting fuel, describing fuel scarcity as a disservice to the nation’s economy.

He described deregulation as a painful decision that must be taken and therefore commended the government for having the political-will to remove subsidy on PMS, adding that Nigerians will be better off in the long run.

According to him “removal of subsidy on PMS has always been a thorny issue in the flesh of government but it is a decision that must be taken if we will move the downstream sector forward. It has always been our position that government should deregulate and create a level playing ground for everybody to import PMS according to his capacity and ability. This will eventually force down the price of the product to the benefit of everyone.”

According to him, the liberalization of the downstream sector did not come to the company as a surprise because “we have seen it coming a long time ago and are adequately prepared for it.”

He informed that the country has suffered for long because of lack of political-will by previous governments to liberalise the sector and assured that now that this has been done, the country will witness direct investment in the sector because the ability of an operator to perform now depends on the forex available to you, your efficiency and competence in the business.

Ogah regrets that Nigeria has not tapped the potentials of its downstream sector because regulation of the sector was a major barrier to many investors who wanted to invest in the sector.

He opined that all those set backs will now be things of the past now that the hurdle inhibiting investment in the sector has been removed.
He assured Nigerians that the economy will grow but not without initial sacrifice to be made by everybody.

He told the dealers to see themselves as strategic partners in the business of Masters Energy and tasked them to imbibe the Masters Energy spirit to strike formidable partnership with the company.

He told them that Masters Energy even at the peak of fuel scarcity had never sold PMS above government pump price and now that the sector is liberalized will ensure that the people of Nigeria are not short changed.