As the scarcity of Premium Motor Spirit (petrol) continues to rock many parts of the, the Lagos Chamber of Commerce and Industry has said the Nigerian National Petroleum Corporation cannot continue to be the sole importer of the product into the country.
Private oil marketers had since last year stopped fuel importation due to shortage of foreign exchange and increase in crude prices, which they said had made it unprofitable to import petrol and sell at N145 per litre.
The LCCI advised the Federal Government to stop treating petrol as a social product by encouraging private sector operators to play a bigger role in the nation’s downstream petroleum sector.
The Director-General, LCCI, Mr. Muda Yusuf, in a telephone interview with one of our correspondents on Wednesday, said, “It’s unfortunate that we are having fuel queues back. But there is a very fundamental problem with our petroleum downstream sector, and the problem is that it is over-regulated. You cannot have a sector as big as that serving our size of population and we expect only the government provider to be supplying fuel. It is not a sustainable model."
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