September 24, 2023

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Presidency Commits to Steady Oil Industry


CEM REPORT, ENERGY | Amidst the increase in the pump price of petrol emerging from the complete removal of fuel subsidy, President Bola Ahmed Tinubu has promised that his administration would ensure a steady supply of fuel at the lowest price possible.

He added that his administration is committed to a competitive, stable, and transparent oil market.

He made the statement via his social media account after a meeting with representatives of major oil marketers’ associations.

“At a meeting yesterday with representatives of major oil marketers’ associations, in the course of the discussions, I emphasized my administration’s total commitment to a competitive, stable, and transparent oil market and challenged the marketers to work with the government to ensure regular supply and convenient access to fuel products across the country at the lowest possible price.”

Ever since the president declared that his administration will not fund the fuel subsidy regime reactions have sparked from different quarters of the economy. Labour Unions threatened to go on strike if certain conditions were not met to ease the possible burden the removal of the fuel subsidy will bear

Several oil market associations have continually met with the president to discuss means to provide alternatives and create a framework for the oil industry to thrive amidst competition which will reduce the brunt of the subsidy removal.

The latest to meet with the president is the Depots and Petroleum Products Marketers Association of Nigeria (DAPPMAN) led by its Chairman, Dame Winifred Akpani.

The association asked the President to scrap, reduce and suspend some charges and levies until the industry is stabilised

DAPPMAN while assuring a healthy and robust petroleum industry that guarantees an adequate supply of petroleum products at highly competitive prices noted that reduced dependence on fossil fuels, which will result in increased investment and faster development of gas and electricity as alternative energy sources.

According to the DAPPMAN Chairman, the association has decided to work toward supplying functional mass transit buses that can run on both compressed natural gas (CNG) and diesel interchangeably. It is hoped that this effort will begin with 50 to 100 buses in the near future.

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