Rising Fuel Prices Top Agenda as OTL Marks 20 Years – THISDAYLIVE

Stories by Peter Uzoho

Rising gas and transport prices, power safety and competitors will dominate discussions as Oil Trading & Logistics (OTL) Africa Downstream Energy Week marks its twentieth anniversary with the upcoming 2026 version. 

The anniversary version themed “Secure Energy, Shared Prosperity,” will maintain in Lagos, bringing collectively policymakers, regulators, buyers and operators to look at how Africa can translate its increasing refining capability into dependable provide and inexpensive power at a time households and companies are beneath stress.

Chairman of OTL Africa’s Advisory Board, Mr. Adetunji Oyebanji, urged the federal authorities to keep away from a return to petrol subsidies and focus reduction on areas the place Nigerians harm most, notably public transportation.

Oyebanji warned that suppressing pump value to ease hardship might set off shortage, diversion of merchandise to higher-priced markets and weaken investor confidence within the downstream sector.

He mentioned the federal government ought to goal interventions at ache factors moderately than distort pricing.

He mentioned supporting transport operators would instantly cut back fares for commuters whereas preserving market stability.

Oyebanji acknowledged that deregulation has uncovered shoppers to greater costs however famous it has ended lengthy queues and provide disruptions that characterised regulated pricing. 

He cautioned that synthetic value fixing would punish buyers who borrowed closely to construct refineries and infrastructure on the expectation of price restoration.

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