NEC urges FG to extend reduction in pump price of PMS to other petroleum products

The Nigeria Employers’ Consultative Association, NECA on Tuesday called on the Federal Government to extend the downward review of the pump price of petrol to other petroleum products. According to NECA, by reducing the price of other petroleum products Government’s action will promote investment in the downstream sector and create an enabling environment for manufacturers to thrive. The Director General of the employers’ body, Segun Oshinowo, made the appeal during a session with reporters, insisting that the present action of government will not promote investment in the downstream sector of the oil and gas industry. He said: “We call on the Federal Government to demonstrate its sensitivity in reviewing downward the price of fuel from N97per litre to N87per litre to other petroleum products as the current action will not promote investment in the downstream sector, when an enabling environment is needed for manufacturers to thrive. “We should, however, remind ourselves that this action by government is begging the more fundamental issue of appropriate policy framework that will promote investment in the downstream sector of the oil and gas industry and put a stop to the embarrassing and shameful practice of importation of PMS.” Oshinowo further said: “Our expectation therefore, is that government would seize the opportunity of the current decline in the price of crude oil to commence implementation of the policy on deregulation of the downstream sector of the oil & gas industry.”