Brenda Chidinma Imo-Eze
The Acting General Manager of Ebonyi Transport Corporation, EBOTRANS, Dr. Simeon Idenyi, has urged the Federal Government to grant more private individuals the license to refine fuel.
This was disclosed by the EBOTRANS Boss recently in an interview with SpringNews while reacting to the current economic hardship plaguing the country.
Since the removal of fuel subsidy by President Bola Tinubu on May 29 Inauguration Day, the cost of living has risen, and inflation figures have been pushed to new highs in Nigeria.
Dr. Idenyi stressed the need for the government to encourage private sectors to refine, arguing that it would foster healthy competition and stabilize fuel prices. He stated, “Government should grant licenses to businesses for crude oil refining, fostering market competition. This move would increase supply, reduce demand, and ultimately lead to price stabilization.”
Dr. Idenyi lamented the adverse effects of fuel price hikes on Ebonyi State Transport Corporation (EBOTRANS), which has necessitated the increment in transport fare to sustain operations and cover expenses.
He appealed to the government, “Government should do everything humanly possible to ensure that the price of fuel doesn’t rise. Nigeria predominantly relies on oil as the source of revenue for the country.
” If fuel prices increase, it will affect every part of the economy. Even though we have stopped fuel subsidy, the government has not taken sufficient measures to reduce fuel prices. The price remains the same as when the fuel subsidy was in place or even higher. Government has not effectively addressed the fuel problem either in terms of price or production.
“We have many refineries, both private and government-owned, but they haven’t significantly impacted fuel prices.
“Government should have given businessmen licenses to refine fuel and made the market open. During the civil war, people were refining fuel at the back of their houses, and there was no shortage of fuel. So why, now that we’re not at war, do we have fuel scarcity and a terrible increase in fuel prices? Let the government give more licenses to refine crude oil and open the fuel market. With competition, supply will increase, demand will decrease, and prices will fall. Government should encourage more people to refine fuel; demand and supply will force down the price,” he stated.