The Major Oil Marketers Association of Nigeria (MOMAN) says the deregulation of the sale of Premium Motor Spirit (PMS) will be beneficial in the long run.
The Chairman, Tunji Oyebanji, said this in a statement on Friday.
He predicted more jobs and investments in the oil sector.
The increment of petrol ex-depot price of N151.56k for PMS against the N138.62k has seen pump price go up to between N160 and N163 per litre.
“As things stand, we are into full deregulation. This is coming at a time most of our citizens are struggling with difficulties created within the context of the post-COVID-19 economy.”
He said Nigeria now has the opportunity to get it right by rebuilding the economy.
“We welcome government’s action in allowing the market to determine prices as we believe it will prevent the return of subsidies while allowing operators the opportunity to recover their costs,” he said.
Oyebanji added with deregulation, prices would go up and down depending on the market forces.