The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) commend the federal government for finally taking the bold step to remove subsidy on Petrol.
The President of the Chamber, Chief Bassey Edem, stated that the step is an attestation to the political will of the present government to put an end to the incessant fuel scarcity being experienced in the country, while reducing the pressure on foreign reserve as a result of huge demand for petrol import.
“However, it is pertinent to note that deregulation with the influence of government in pricing is not good for the economy. Therefore we counsel that government should allow market forces to determine price instead of fixing a ceiling of N145 per litre.
“Accordingly, we counsel that the Department of Petroleum Resources (DPR) and the Petroleum Product Pricing Regulatory Agency (PPPRA) be restructured and merged into one regulatory body for better monitoring and efficient service provision,” he said.