MAN wants refineries fixed to regulate fuel price
Manufacturers Association of Nigeria, MAN, has called on the Federal Government to fix the country’s refineries and regulate the fluctuating pump price of petrol.
Acting Director-General of MAN, Mr Ambrose Oruche, who stated this while addressing journalists, said the fluctuations and lack of uniformity in prices of petrol would adversely affect the cost of doing business, competitiveness and sustainability particularly for the Small and Medium Enterprises, SMEs in the nation.
Oruche also called for quick passage of the Petroleum Industry Bill, PIB, as the bill will attract more investment in refineries, thereby reducing the cost of procuring this product and then reducing the cost of Nigerians buying the finished product as well.
He also urged government to provide tax rebate and grant to SMEs to help cushion the effects of the ongoing increase in prices, especially at this period of economic recovery from the ongoing COVID-19 pandemic.
“Over the years, the organised private sector has been requesting for full deregulation of the petroleum industry so that more investment can come into that sector and the economy of the nation can be improved.
“The deregulation which came in as a result of COVID-19 pandemic was a welcome development; petrol price fluctuates just as the price of automotive gas oil which have been deregulated over a long time.
“The market forces determine the price but what government is trying to do is to control the hands of the market forces by not taking away cost of petrol beyond the ordinary people,” he said.