Abuja —Founder of Moahz Group of Companies, Eng. Ola Abdulqadir has advised the Federal Government against full deregulation of the downstream sector of the Petroleum Industry, saying such a move would lead to rise in the cost of transportation and other essential commodities. 

Abdulqadir, a leading member of the Nigeria LPG innovation for sustainable energy, in a statement in Abuja, yesterday, noted that implementing the petrol subsidy removal policy would have far reaching negative impact on the masses. 

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He, therefore, urged President Muhammadu Buhari not to increase the “hardship index” of the masses by removing subsidy on petrol. 

According to him, “The governments’ involvement in a major economic determinant like petroleum is pivotal to how well the country and economy functions. 

“This issue of petroleum subsidy removal, I believe should be strategically deployed to avoid panic and diffuse all agitations from the stakeholders that are acutely affected. 

“Yes, there have been initiatives and interventions to defray the impending shock of subsidy removal, but are these solutions being deployed on their merits? 

“The CBN gas intervention fund has been touted by the handlers since its roll-out, the potential for this programme is yet unmet, as there are still no commercially viable alternatives to allowing the market forces achieve proper equilibrium when petrol subsidy is totally removed. 

“All of that shock is transferred directly to the masses, hence the resultant agitation and panic. 

  “In my opinion, government should not in right judgment increase the hardship index of the country as an increase in fuel prices translates directly to increased cost of survival in Nigeria,” he added.