The Major Oil Marketers Association of Nigeria,MOMAN,Wednesday advised Nigerians to consider the use of alternative energy option in the face of the current hike in the price of fuel in Nigeria.
Specifically,the marketers implored households to switch from fuel and diesel to gas or solar power for their homes if they can afford it.
But,Nigerians need to exercise special precautions to ensure the safety of lives and assets when dealing with gas, Olumide Adeosun,the Chairman of MOMAN,said at a virtual conference on Wednesday.
He also reasoned that the government and businesses can promote the use of Liquefied Petroleum Gas (LPG) and Compressed Natural Gas (CNG) for intercity buses, tricycles (kekes), minibuses, and taxis to power their vehicles.
He said:”In any event, the country will need to explore and deploy different energy options to develop a sustainable, affordable and long-term energy mix for powering homes businesses and mobility.MOMAN remains committed to its mission of fostering transparency, competitiveness, and best practices in the Nigerian downstream petroleum sector.
He advised the federal, state, and local governments, as well as employers of labour, to implement palliative measures to support less privileged individuals in the society currently facing hardships. It is essential that rapidly executed palliative measures receive wide publicity to alleviate already agitated public sentiments.
According to him,the association has always anticipated that the removal of subsidies and the stabilization of downstream market would be a gradual process.
This process,he said, necessitates operators and regulators to engage the public transparently, earn public trust, and foster fair competition that ensures full value for customers at the fuel pumps.
He commended the authorities for their urgent efforts in opening the market, allowing various players to import petroleum products into the country.
This market liberalization and the commitment to a level playing field should enhance operators’ efficiency, enabling them to offer competitive pricing choices to the public,he said.
He said:”Some operators have successfully imported PMS into the country, marking the first practical step towards a liberalized market. However, major challenges still lie in accessing foreign exchange for imports and ensuring a level playing field regarding pump prices.
“If marketers are undertaking the financial risk of importing petrol, measures must be in place, in line with the Petroleum Industry Act (PIA), to ensure that no one player has an unfair advantage.
Adeosun emphasized the need for effective and sustainable implementation of the gains from subsidy removal,adding that these gains should be invested in the promised palliatives, including subsidized transportation, as well as social investment programs for healthcare, education, and infrastructure development.
These initiatives be rolled out in
a visible, transparent, and timely manner,he advised,while calling for focused and sustained increase in the nation’s national production of crude oil from the current 1.2 million barrels per day to closer to 2m barrels per day.He said,this will bring the needed foreign exchange.
He maintained that transparency & engagement are essential for building public trust and understanding concerning the ongoing engagement and accountability to Nigerians on palliatives.
He added:The reality is that downstream deregulation has brought about structural changes and opportunities for Nigeria and PMS now stands as the most expensive product in the energy mix for consumers.
