Increasing cost of gasoline: stakeholders demand full deregulation

Fuel price hike: Nigerians slam Buhari as LCCI, MAN, NACCIMA foresee tougher times

The resurgent’s requires a full and clear downstream regulation of the downstream oil and fuel sector welcomed the latest rise of about 5 p.c from N160 / liter to N168 / liter in retail gasoline costs.

In a press release on Sunday, some stakeholders within the oil and fuel sector’s downstream worth chain insisted that deregulation stays essentially the most acceptable and sustainable route out there to the nation, as the worldwide value of crude oil continues to stagger underneath strain from COVID-global. 19 pandemic.

They mentioned that the sector evaluation confirmed that with the present value of gasoline on the pump at N168 / liter, the price of gross sales, which represents the direct price attributable to bringing gasoline to the purpose of sale, was estimated at round N161.81 / liter.

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“This represents 96.32 p.c of the entire price for advertising and marketing and distribution corporations, which suggests that these corporations based mostly on the pricing mannequin have solely a small margin of round 3.68 p.c to cowl working prices. and make extra investments in infrastructure growth, ”they mentioned.

Talking in regards to the deregulation of the sector, the president of the Affiliation of Merchants of Petroleum Merchandise and Deposits of Nigeria, Ms. Winifred Akpani, mentioned that the group welcomed the latest growth across the topic, however believes that now’s the time for the sector to embrace complete deregulation.

She defined: “As deregulation opens the market to new alternatives, we are going to start to witness an unprecedented drive within the trade to advertise world requirements in provide chain administration, thereby making a system that provides the shopping for public added worth by means of cash”.

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Nationwide Oilwell Varco power knowledgeable and director, Dr. Babajide Agunbiade, mentioned Nigeria could by no means take full benefit of the event potential of its oil and fuel sector with continued inefficiencies throughout the worth chain.

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