Complete Deregulation, Panacea For Fuel Scarcity – MOMAN

The Executive Secretary,
Major Oil Marketers Association of Nigeria (MOMAN), Mr. Obafemi Olawore, has advocated for complete deregulation of the petroleum sector as lasting solution to fuel scarcity situation in the country.
Speaking to newsmen  in Abuja, last week the MOMAN boss said, “I do not enjoy it. I have been in the oil industry for a very long time and almost 80 per cent of that time, we have experienced strikes.” We will end it one day, and it is just two words; complete deregulation.”
Noting that the Petroleum Industry Bill (PIB) also contains deregulation, the MOMAN executive secretary urged the National Assembly to pass the bill without further delay.
“Once it passes the PIB, people will set up refineries and when refineries are set up by many people, we will be able to produce enough for ourselves and for export,” said he.
Olawore explained that the rampant fuel scarcity in the country were never due to strike but because marketers had no money to bring in petroleum products.
“We did not go on strike because we are not a labour union, monies owed us were not paid but now that the monies have been paid, we can bring in products,” he remarked.
He disclosed that banks were not ready to open for members letters of credit, hence ability to bring in products was hampered and there was no way anybody could blame the marketers.
He explained that, “They loaned us money and we have not paid back, the assurance they required is what have been given by the Minister of Finance and the CBN Governor,” adding that because of the arrangement vessels have started to arrive already.
He said the recent scarcity was not an issue of sabotage or opposition because the issues began since 2014 and that agitation for the money had started since November 2014.
“Let regulatory agencies be made strong enough to be able to tell marketers what they are supposed to do and what they ought not to do,” Olawore said.