The Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has urged the Federal Government to take a further step towards full deregulation of the downstream sector, adding that such move will enhance national economic growth.
In March this year, the government introduced a price modulation policy where international product prices and associated landing costs in Nigeria are used as input in the determination of final pricing in the local market through the Petroleum Products Pricing and Regulatory Agency (PPPRA).
Commending the government for consistently seeking ways to reposition the oil sector for effectiveness and profitability, DAPPMAN Chairman, Winifred Akpani, said DAPPMAN is in full support of the implementation of a fully deregulated regime which would make the downstream sector’s operations more seamless, enhance transparency, competitiveness and sustainable growth.
According to Akpani, deregulation will open up the sector for fresh investments, market deepening, diversification, and expansion, culminating in stable demand and supply regimes which are critical to ensuring that consumers have uninterrupted access to affordable quality products without the huge financial burden currently borne by the government.
Akpani, who is also the managing director and chief executive officer of Northwest Petroleum and Gas Company Limited, said the marketers had contributed towards the upgrade of medical facilities, distributed thousands of face masks and sanitizers, and donated relief items to thousands of beneficiaries across the nation as par of its response to the outbreak of the covid19 pandemic.
