IPMAN to FG: Hasten deregulation of petroleum sector to stabilise market

The Independent Petroleum Marketers Association of Nigeria (IPMAN), has advised the federal government to fully deregulate the petroleum sector to further open up the market.

Yakubu Suleiman, national public relations officer, IPMAN, said this on Saturday in an interview with NAN, in Abuja.

Suleiman said having a full deregulation would help in making the sector more stable.

However, he commended the federal government, especially the Nigerian National Petroleum Corporation (NNPC) limited and the Petroleum Products Marketing Company Limited (PPMC) management and other stakeholders, for their constant support.

Suleiman also assured Nigerians of the IPMAN’s commitment to adequate supply of petroleum products across the country.

Meanwhile, Henry Ewa, a financial consultant, advised the federal government to ensure full implementation of the Petroleum Industry Bill (PIB), which was signed into law in 2021.

According to Ewa, the key objective of the PIB was to overhaul and transform the Nigerian oil and gas industry because of its significant impact on the economy.

“The PIB is to provide legal, governance, regulatory and fiscal framework for the Nigerian petroleum industry and development of host communities,” he said.

Ewa also said the country needs to urgently diversify its economy from making fuel the major source of income.

“The economy needs other sources of income. We need to look inwards. The government should promote our agricultural sector, review our current policies, reduce the high tax rate, help in packing and exportation,” he said.

“Make the environment favorable [for] investors, tackle the insecurity in the country, I believe this will help.”