A former Group Executive Director (Exploration and Production), Nigeria National Petroleum Corporation (NNPC), Mr Chris Ogiemwonyi has urged the Federal Government to review the landing cost of petrol as well as deregulate the downstream sector of the oil industry.
Ogiemwonyi who is also a governorship aspirant said neighbouring countries such as Ghana, Benin Republic, Togo, Chad enjoy fuel subsidy paid by the Federal Government because of Nigeria’s porous border.
Speaking with reporters in Benin, Edo State capital yesterday, he said there were some irregularities and deficiencies about the actual landing cost of petrol in the country.
“During my period in the NNPC, we tried to look into the issue, the structure in the supply chain. I must tell you one thing, till Nigerians are prepared to do things courageously, we may never see an end to this.
“Several governments have tried to see what the major problems were, one area they identified is that the decision will be based on the landing cost of petrol in the country.
“My take on that is that there are issues, some wastage. We have heard of demurrage being paid for some ships at the wharf and they will all added to this landing cost.
“On a global scale, my take on this is to deregulate. Let us pay the proper price of this product. Open the market, let there be more participants, more players.
“If we deregulate, the subsidy we are doing now for Ghana, Benin, Toko, Mali Chad and others will see us paying less price for the product”.