The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), has urged the federal government to fully deregulate the downstream sector to enhance economic growth and development.
The Petroleum Products Pricing Regulatory Agency (PPPRA) since March 2020 began price modulation policy where international product prices and landing costs form the final retail pricing of the products, which are announced periodically.
But DAPPMAN Chairman, Mrs. Winifred Akpani, said the association supports a fully deregulated regime, which will make the downstream sector’s operations more seamless and enhance transparency.
“We believe that full deregulation of the sector remains the most viable option for Nigeria to effectively navigate this period and ultimately safeguard the future of our economy and wellbeing of 200 million Nigerians,” she said.
She argued that the considerations will be duly addressed with a deregulation regime that guarantees long-term benefits and empowers the government to commit savings made in the process of infrastructure development, job creation, agricultural revolution, education, and health.
On the response to the COVID-19 pandemic, Akpani, who is also the MD/CEO of Northwest Petroleum and Gas Company Ltd said the association contributed towards the upgrade of medical facilities, distributed masks and sanitisers; and donated relief items to beneficiaries across the nation.
