Deregulation: IPMAN Provost Tells FG To Scrap PPPRA, PEF 

Deregulation: IPMAN Provost Tells FG To Scrap PPPRA, PEF 

The National Provost of the Independent Petroleum Marketers Association of Nigeria, Ezekwesili Maduagwuna, has asked the Federal Government to allow for the total deregulation of the petroleum industry by scrapping the Petroleum Products Pricing Regulatory Agency and the Petroleum Equalisation Fund. Maduagwuna, who is the traditional ruler of Awba Ofemili in Awka North Local Government Area of Anambra State, said in as much as IPMAN appreciated the Federal Government for taking the bold step on deregulation, the continued existence of PPPRA and PEF would not allow government to achieve the desired result. The monarch, who is the national provost of IPMAN, said total deregulation would encourage individuals and organisations to invest in the refining of crude oil. He said, “Deregulation exposes the oil industry to competitive market, whereby market forces will determine the cost of petroleum products.

Having announced deregulation, it has to be total.

 “As marketers, we are no longer expected to contribute to the Petroleum Equalisation Fund or be subjected to the dictates of the Petroleum Products Pricing Regulatory Agency.

“We want total deregulation because the petroleum products users are accusing marketers of exploitation and profiteering when it is the regulatory agencies in the industry that are determining the pump price.

Publisher

Leave a Reply

Your email address will not be published. Required fields are marked *