By Udeme Akpan, Energy Editor & Lawani Mikairu

EXPERTS in Nigeria’s petroleum downstream sector, weekend, urged the Federal Government to regulate the sector as it stands to save more than N12 trillion in the process.

They said instead of subsidising petrol, the funds saved could be used to provide basic utilities for the people.

According to them, the complete deregulation would also attract serious investors into business, adding that such potential investors were discouraged from investing because of the current regulation of the sector.

Speaking at the just-concluded Association of Energy Correspondents of Nigeria (NAEC) Strategic International Conference, the experts said the sector was in need of much resources  stimulate lasting growth.

Group Managing Director, Rainoil Limited, Dr. Gabriel Ogbechie, who noted that more than N12 trillion, would be saved, said his company would continue to invest in the sector.

He said: “as a prominent player in the Nigerian oil and gas industry, the company’s operations cut across the downstream value chain, including petroleum product storage, haulage/distribution and retail sales”

Similarly, Mr Festus Osifo, President, Trade Union Congress (TUC), said Nigerians not opposed to deregulation, but waiting for the government to win their trust.

Osifo, who is also the president of the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), said that the downstream sector has not been growing because continued subsidy.

He said: “Nigerians are not really averse to the subsidy removal, but the government must be ready to demonstrate not just by talking but by doing and by acting.

“The government must demonstrate that if subsidy must go, this must reflect in our education, it must reflect in our healthcare and also our level of infrastructure. So, the trust deficit that Nigerians have must be addressed before we can make any progress.”

Also speaking, the Major Oil Marketers Association of Nigeria (MOMAN) said, ending subsidy on petrol would be extremely difficult, but the Federal Government has no other option in light of current economic realities.

MOMAN called for massive investment by the government in various sectors such as mass transportation, healthcare and education to successfully wean off Nigerians from petrol subsidy.

The chairman of MOMAN, Mr Olumide Adeosun, MOMAN, who was represented by Mr Clement Isong, the Chief Executive Officer, MOMAN, Adeosun said the association would support the government to deregulate the sector.