The Chief Executive Officer of Petrocam Trading Nigeria Limited, Patrick Ilo, has expressed confidence that the removal of petrol subsidies would permanently solve the fuel scarcity challenges in the country.
While speaking at the opening of the company’s new head office in Lagos recently, Ilo said the subsidy removal, which was announced by the Nigerian government in May, had allowed market forces to determine the price of the commodity.
He noted 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 did not have a vessel yet, hence, it leased.
The founder of Petrocam Group, Shiraz Gany, said Nigeria had gone through deregulation, which was putting some strains on the populace in terms of the affordability of petroleum products.
In his statement, when the new cabinet members fully resume office, the naira will strengthen against the dollar and, hopefully, make fuel more affordable.
The Chief Operating Officer of the firm, Eyo Oghogho, disclosed that the company started business with one filling station, but currently has 45 filling stations.
According to Oghogho, the 45 filling stations are in Lagos and Oyo States, revealing that they have plans to move to other parts of the country.