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Stakeholders insist on fuel subsidy removal

NIGERIAN-FUEL-STATIONGhana urges Nigeria to follow own example

Stakeholders in the country’s downstream sector have insisted that due to the fall in crude oil prices which has resulted in decline in revenue generation, the Federal Government has to remove subsidy on petroleum products.

The stakeholders gave the advice in Lagos yesterday at the Oil Trading Logistics Africa conference where they gathered to deliberate on “Fuelling Economic Growth through Petroleum Policy and Infrastructure: The Downstream Agenda”.

The Chief Executive of Ghana Petroleum Authority, Moses Asaga, advised Nigeria to follow the Ghana example of deregulation of the downstream sector. Other stakeholders, including Group Managing Director of Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu; former Minister of State for Petroleum, Odein Ajumogobia; and former Executive Secretary of Petroleum Products Pricing and Regulatory Agency, Reginald Stanley, expressed belief that the privatisation of the country’s downstream sector is the only way out of its current challenges.

According to Asaga, Nigeria has a lot to learn from Ghana about the management of the petroleum downstream sector. He noted that deregulation policy will take away the sole right of the national petroleum company to determine the prices of fuel products in the country.

Asaga said deregulation also allows the various bulk oil distribution companies to determine how much they would want to charge for fuel to their customers. He said Ghana had always seen Nigeria as a big brother and had learnt a lot from Nigeria in respect to management of the petroleum industry. “But this time around, I think Nigeria needs to learn about managing the downstream sector from Ghana. We have been able to deregulate our downstream sector of the petroleum industry”.

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1 Comment
  • Yemi Amodu

    Sterling Homes ltd selling Plots and Acres of Land

    Hebron garden estate is owned by Sterling homes Ltd and it’s
    completely free from “omo-onile” and government acquisition. Land
    mass: more than 10acres. Land type: dry, sandy and leveled. Location: Lekki,
    about 6minutes drive to Eleko beach and 15minutes drive to Lekki free trade
    zone. There are several notable Landmarks before the estate. These include, The
    Lagos Business School, Crown Estate, Farapark, Sapphire Garden, Green Springs
    School and Shares immediate environment with Mayfair Gardens and Beechwood
    Estate & lots more. PAYMENT PLAN FOR A PLOT: *Smart plan: Outright payment
    #2.8m. *Easy Plan: ‎#3m. Spread #210,000 for 10months after the initial deposit
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    Havilah park and garden is an estate located about 6mins
    drive off the Lagos-Ibadan expressway. It’s about 25mins drive to Berger
    bus-stop. The estate is fenced with a gate house, and our ultra- modern
    borehole is already in place. The price of a plot is #630,000 outright, and we
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    inspection call Yemi Amodu @ Sterling Homes LTD: Plot 2, River Valley Estate,
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    Moriah park is situated at Agbowa, Ikorodu. The estate is
    facing the Lagos state housing scheme popularly called Fashola estate. It’s
    fenced round with a gate house and an industrial borehole has been constructed
    at the site as well. It’s selling for a promotional offer of #750,000 outright,
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    site inspection, call Yemi @ Sterling Homes LTD: Plot 2, River Valley Estate,
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