Nigeria is gradually heading toward full deregulation of the Premium Motor Spirit (PMS) with the passage of the Petroleum Industry Bill (PIB), the Major Oil Marketers Association of Nigeria (MOMAN) has said.
MOMAN chairman, Mr Adetunji Oyebanji, disclosed this during a panel session at the ongoing Nigeria Oil and Gas (NOG) conference and exhibition on Wednesday in Abuja.
The conference has as its theme: ‘Fortifying the Nigerian Oil and Gas Industry for Economic Stability and Growth.’
He said the PIB was needed to liberalise the downstream sector, especially the PMS and put an end to fuel subsidies.
“The PIB, when signed into law by the president, will prescribe an open market for pricing of petroleum products.
“It will increase investment in the sector and improve our domestic refining capacity, especially with the coming on stream of the Dangote Refinery and the rehabilitation of the nation’s refineries.
He said the landing cost of petrol at the moment was about N210 while the product is being dispensed to Nigerians at N162 to N165.
