The President, Major Marketers Association of Nigeria (MOMAN), Mr Tunji Oyebanji have requested for liberalisation of petrol prices in the country.
The chairman, stated that only full price deregulation will bring about long term stability in the downstream sector. Oyebanji said it had become necessary for the major oil marketers to state their position following the recent price modulation taken by the Federal Government.
The Federal Government, had earlier stated that, it would implement a policy of “price modulation,” which means it will give effect to existing legislation enabling it to set prices in line with market realities through the Petroleum Products Pricing Regulatory Agency (PPPRA) as provided in its Act.
However, speaking in favour of petroleum marketers, Mr. Tunji stated that when crude oil prices go up, government has always been unable to increase pump prices for socio-political reasons leading to these high subsidies.
He therefore believes that the only solution is to remove the power of the Federal Government from determine fuel pump prices.