Despite the challenges Nigeria faces in the petroleum sector, the Chief Executive Officer (CEO) of Petrocam Trading Nigeria Limited, Patrick Ilo, has expressed confidence that the downstream deregulation has paved the way for the country to end fuel scarcity.
According to Ilo, the policy, which was announced by the Nigerian government in May 2023, has allowed market forces to determine the price of the commodity.
He made this known at the opening of the company’s head office, noting that the government’s decision to deregulate the downstream sector of the industry was a bold move and in line with the company’s long-standing position.
“President Bola Tinubu was conscious about deregulation. There are problems but problems are meant to be solved; we will surmount the problems and over time they will be over. I can guarantee that there will be no fuel scarcity in Nigeria with deregulation,” he said.
He said Petrocam was committed to return-chain, noting that the company does not have a vessel yet, hence it leases.
Founder of Petrocam Group, Shiraz Gany said Nigeria has gone through deregulation, which is putting some strains on the populace in terms of the affordability of petroleum products
He stressed that when the new cabinet members fully resume office, the naira will strengthen against the dollar and, hopefully, make fuel more affordable.
“Deregulation has been good for the country because, at least, there are no inefficiencies. You can pay for premium motor spirit (PMS) at market price. Government can now spend money on critical infrastructure to make the country more efficient for Nigerians,” he said.
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