Removal of subsidy, permanent solution to fuel scarcity in Nigeria - Petrocam MD, Patrick Ilo

MD/CEO, Petrocam Trading Nigeria Limited, Patrick Ilo

Despite the challenges Nigeria faces in the petroleum sector, the Chief Executive Officer (CEO), Petrocam Trading Nigeria Limited, Patrick Ilo, has expressed confidence that the downstream deregulation has paved the way for the country to end fuel scarcity.

According to Ilo, the policy, which was announced by the Nigerian government in May 2023, has allowed market forces to determine the price of the commodity.

He made this known at the opening of the company’s new head office in Lagos, noting that the government’s decision to deregulate the downstream sector of the industry was a bold move and in line with the company’s long-standing position.

“President Bola Tinubu was conscious about deregulation. There are problems but problems are meant to be solved; we will surmount the problems and over time they will be over. I can guarantee that there will be no fuel scarcity in Nigeria with deregulation,” he said.

He said Petrocam was committed to return-chain, noting that the company does not have a vessel yet, hence it leases.

Founder of Petrocam Group, Shiraz Gany said Nigeria has gone through deregulation, which is putting some strains on the populace in terms of the affordability of petroleum products

He stressed that when the new cabinet members fully resume office, the naira will strengthen against the dollar and, hopefully, make fuel more affordable.

“Deregulation has been good for the country because, at least, there are no inefficiencies. You can pay for premium motor spirit (PMS) at market price. Government can now spend money on critical infrastructure to make the country more efficient for Nigerians,” he said.

Chief Operating Officer of Petrocam, Mrs. Eyo Oghogho disclosed that the company started business with one filling station, but now they can boost of 45 filling stations.

She noted that all the 45 filling stations are in Lagos and Oyo States, revealing that they have plans to move to other parts of the country.

The event had in attendance many notable faces which one of them is a traditional ruler, the Elejirin of Ejirin, Ọba Àlàyélúwà Rafiu Balógun.

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