CSOs Seek Sustenance Of Deregulation Of Petrol

A Coalition of Nigerian Civil Society Organisations for Petroleum and Energy Security (CONCSOPES) Saturday sought the sustenance of deregulation of the price of the Premium Motor Spirit (PMS).

Speaking in a press conference in Abuja, the convener, Mr. Timothy Ademola, noted that a reversal of the deregulation that started in March 2020 will lead to scarcity of the product.

Besides, he said it will lead the Nigerian National Petroleum Corporation (NNPC) to negative financial records.

According to him, “With the agitation of labour for the roll back of deregulation, NNPC will inadvertently have to absorb the cost of the price differential between landing costs and pump price.

This would most likely put NNPC in a very bad spot financially and eventually lead to a situation where it would be difficult to further import products. The obvious implication of that is fuel scarcity and the return of fuel queues.”

He noted that the organised labour is presently pressing for the reinstatement of petrol regulation. He urged the NNPC to attain a people – centred deregulation policy.

His words: “If this happens, organised labor that is presently resisting deregulation would be forced to castigate NNPC for not supplying enough fuel to guarantee zero fuel queues and for not making a profit at the end of its financial year.”