Civil Society Organisation (CSO), the Nigerian National Resource Charter, has passionately appealed to the Federal Government to entrench the deregulation drive of the downstream sector of the petroleum industry by establishing as a part of the Petroleum Industry Bill (PIB) which is expected to be submitted to the National Assembly soon.
The Organisation has equally asked the government to commence a process to repeal the laws establishing the Petroleum Equalisation Fund (PEF) and the Petroleum Products Pricing and Regulatory Agency (PPPRA) to show its commitment to the full deregulation of the sub-sector.
In a statement made available to our correspondent in Owerri, the coordinator – Tengi George-Ikoli said that the consortium took the positions at the end of a one-day Seminar held in Owerri, stating that the relevant authorities, especially the Central Bank of Nigeria (CBN) should ensure a level-playing field for all importers of Premium Motor Spirit and not place the Nigeria National Petroleum Corporation (NNPC) at an advantage over others.
The Organisation among other things called on the NNPC to take urgent practical steps to reverse the fortunes of the loss making refineries as revealed in its published 2018 Audited Reports of its Subsidiaries, noting that the refineries remain cost centers that the Nigerian government can ill afford given the impact of COVID-19 pandemic and other fiscal pressures on its economy.
It argued that the Nigerian government should create an enabling environment for the private sector to contribute to the efficient running of the refineries so that Nigerian can reach its domestic refining goals.
