By Franca Joseph (AGENDAWATCHDOG) – The deregulation of the sale of Premium Motor Spirits (PMS) has been lauded by the Oil Marketers Association of Nigeria (MOMAN), which said that the move would be beneficial in the long run.
This was stated by the body’s Chairman, Tunji Oyebanji, via a statement on Friday, in which he projected more jobs and investments in the petroleum sector.
According to Oyebanji, the deregulation exercise, which was coming during a recession, offered Nigerians the opportunity to rebuild the country’s wobbling economy, adding that with deregulation, prices would fluctuate depending on market forces.
In his words: “As things stand, we are into full deregulation. This is coming at a time most of our citizens are struggling with difficulties created within the context of the post-COVID-19 economy.”
“We welcome government’s action in allowing the market to determine prices as we believe it will prevent the return of subsidies while allowing operators the opportunity to recover their costs”.
The increment of petrol ex-depot price of N151.56k for PMS against the N138.62k has seen pump price go up to between N160 and N163 per litre.