Alliance for Democracy (AD) governorship candidate in Oyo state in the 2019 general election, Hakeem Alao, Wednesday said subsidy removal and total deregulation of the oil sector is the only solution to instability in the price of Premium Motor Spirit (PMS) in Nigeria.
The AD chieftain stated this in Ibadan while speaking with newsmen on the recent hike in pump price of petrol and maintained that in Nigeria, the oil sector would have been stabilised by now, had it been the oil sector was deregulated long ago.
Alao lamented that it was sad that the current increment in the pump price of petroleum in Nigeria is coming at time when COVID-19 has disrupted the economic activities across the globe.
“Removal of subsidy and total deregulation is the way Nigeria ought to have gone very long time ago. If it had been done long ago, the oil sector regarding availability and affordable pricing would have become stabilised by now,” he said.
He also added: “It is sad that the current increment in the pump price of fuel is coming at a time when COVID -19 has disrupted the economic activities of everybody around the world.
“In line with deregulation system, the petrol price would be varying on monthly basis as it is been done in other countries where there is full deregulation.
He added that it was unfortunate that the funds being earmarked yearly and over a long period of time in the history of Nigeria for subsidy have always gone into private pockets. He said it was the insincerity in the management of the four refineries in Nigeria that made it difficult for Nigerians to enjoy affordable fuel pump price.
“The funds being earmarked yearly and over a long period of time in the history of Nigeria for subsidy have always gone into private pockets. With the current state of the four refineries, it will require complete rehabilitation and de-bottlenecking,” he said.
