Saturday, November 5, 2011

Major Marketers Urge Jonathan to Commence Deregulation

4 November 2011

Abuja — Major marketers and operators in the oil and gas industry, yesterday, expressed their support for Federal government's plan to remove fuel subsidy, even as they urged the government to quickly deregulate the downstream sector of the oil and gas industry in order to save the national economy from ruin.

The Executive Secretary of the Major Oil Marketers Association of Nigeria, MOMAN, Mr. Obafemi Olaowere, who spoke in a briefing at the background of the 5th OTL Africa Downstream Conference taking place in Abuja, stressed that the subsidy culture had engendered corruption in the system to the detriment of competition and economic expansion.

He noted that the argument by those that oppose deregulation that the poor would suffer when subsidy is removed is baseless since many poor people hardly enjoy the subsidy in the first place.

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