|Capt. Emmanuel Iheanacho, Chairman, Integrated Oil&Gas Ltd.|
importation market as the sustainable solution to end the incessant fuel crisis
Speaking in an interview in Lagos,
Iheanacho said all it required was to replicate the action done in the
diesel market, which brought about a sustained solution to scarcity crisis.
that what happened with the diesel market should be what we should aim to
achieve with the PMS market.
we deregulate the markets, then, there will be automatic price modulation,
depending on the availability of products and the money chasing it.
skeptical, but now, it has stabilised and the price oscillates around a certain
boundary; it doesn’t go too high and doesn’t fall too low, it just stays there.
the PMS market, we will see a lot of stability and government will realise a
lot in revenue. Those revenues were lost years ago when we were paying huge
amounts in subsidy,” Iheanacho noted.
for good purposes for the masses, it did not really get to poor in society,
thereby, making the effort unprofitable.
to ameliorate the suffering of the poor, but the unfortunate thing is that the
subsidies do not always impact on the people for which the thing was
importation be lifted, to allow anybody who has money to be able to import PMS,
subject only to checks and balances of the quality of the product that comes
taken? A lot of people who have money will put their money there and there will
be a lot of product in the market.
it will go back up a little bit and stay there,” he said.
ensuring adequate supply of fuel, but noted that subsidy should be removed, as
well as the licensing requirement for bringing in product for the market, to
determine the selling price.