The Chief Executive Officer of Ardova Plc, Olumide Adeosun, has said the government-regulated fuel price is not feasible, and should be reviewed to meet current realities.
Adeosun stated this during the Federal Competition and Consumer Protection Commission (FCCPC) virtual consumer protection workshop for oil marketers on Wednesday.
The Ardova boss, who doubles as the Chairman of Major Oil Marketers Association of Nigeria (MOMAN), said controlling the fuel price at this period was difficult, considering the shortage of fuel globally, that has made landing price and depot cost increase.
He said countries are hoarding fuel to meet their domestic demand due to the disruption in supply by the Russia/Ukraine war. Adeosun stated that the Nigerian government was spending significantly on subsidy to get fuel into the country.
With the government preventing the rising fuel price on the economy, Adeosun said the government should also implement gradual deregulation of petrol, to limit the cost burden it would have on Nigerians.
His comment follows the fuel scarcity in Nigeria, which has seen oil marketers mull over increasing the cost of petrol per litre at filling stations to reflect market reality. There have been suggestions that pump price should rise beyond the current N165.
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