Petrocam: Deregulation Remains Lasting Solution to Fuel Scarcity Despite Initial Hardship 

Peter Uzoho

Notwithstanding the current hardship being experienced by Nigerians since the removal of petrol subsidy, the Chief Executive Officer of Petrocam Trading Nigeria Limited, Mr. Patrick Ilo, has insisted that the deregulation policy is the only lasting solution to fuel scarcity in Nigeria.

 Ilo, who stated this in Lagos during an interview with journalists on the sidelines of the inauguration of the company’s head office, noted that the subsidy removal announced by President Bola Tinubu during his inaugural address on May 29, 2023, had allowed market forces to determine the price of the commodity in the country.

He maintained that the government’s decision to deregulate the downstream sector of the Nigeria’s oil and gas industry was a bold move and in line with Petrocam’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 had 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 settle down in office, the naira would 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.

On her part, Chief Operating Officer of Petrocam, Mrs. Eyo Oghogho, disclosed that the company started business with one filling station, but can now boast of 45 filling stations spread in Lagos and Oyo States. She revealed that the company has plans to move to other parts of the country.