Government has no hand in petrol price increments – Dr. Mustapha Hamid

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Chief Executive Officer of the National Petroleum Authority, Dr. Mustapha Hamid has argued that government has no control over the prices of petroleum products in the country.

Dr. Mustapha Hamid explains that the responsibility of government to set petroleum prices was shirked in 2015 with the introduction of the Deregulation Policy. According to him, the policy scrapped the long-standing practice where it was the sole duty of government to fix prices of petrol products.

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He further asserted that the deregulation policy is the reason why the politics of petrol prices in every election period has been eradicated since 2015 because the regulation of petrol prices are no longer within the purview of the government of the day.

Speaking at a press conference on Wednesday, Dr. Mustapha Hamid explained that “for those who are old enough to recall the politics of the fourth republic, you know that every election year petroleum pricing was always the topmost issue in contention between governments and opposition. I remember from 1992, then 1996, 2000, 2004 and even 2008. …. But it got to a point the politics of petroleum stopped. It does not feature anymore as a major discourse in political contention. Why? Because of one word; Deregulation.”

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Head of Pricing at NPA, Abass Ibrahim also noted that the only role the Authority play is to ensure that the marketers and importers who fix the prices are fair in their mechanisms in order to protect petroleum consumers.

“Petroleum prices have been deregulated in 2015. The deregulation means the government withdrew its control in the fixing of prices of petroleum products. Now it is the marketers and importers that fix the prices. However, NPA plays a regulatory role. The regulatory role is to ensure that the formulae they used to fix the price are fair and transparent,” Mr. Abass Ibrahim explained.

SourceABC News

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