The Nigerian Gas and Oil Suppliers Association has urged the federal government to introduce price regulation on Automotive Gas Oil diesel to curb rising costs and stabilize the petrol price.

The national president of NOGASA, Chief Bennett Korie, on Tuesday, emphasized the need for government intervention to address challenges in the industry.

Korie stated, “Fix that diesel problem then PMS will be stable. If NNPCL will keep the PMS Price from June to date, is there anything wrong with doing it for AGO?” He warned that without prompt action, the business environment for petrol marketers could become untenable by the end of February 2024.

Highlighting the impact of the exchange rate crisis on the industry, Korie recommended adopting the N750/$ 2024 Budget exchange rate as the official rate.

He stressed that private refineries are hesitant to commence production due to uncertainty about pricing.

Additionally, Korie called for addressing forex challenges related to agencies like the Nigeria Ports Authority and the Nigerian Maritime and Administration and Safety Agency that still collect payments in dollars.

The NOGASA president urged the government to intervene in bank interest rates, a contributing factor to the current challenging business environment.

He also advocated for conducting domestic crude oil transactions in Naira to reduce the demand for dollars.

Meanwhile, the Nigeria Employers’ Consultative Association has cautioned against the removal of fuel subsidy and the floating of the nation’s currency, the Naira.

NECA’s Director-General, Mr. Adewale Smatt-Oyerinde, expressed concerns over policies implemented since 2023, stating, “These measures are swiftly dragging most private businesses to the brink of collapse.”

NECA highlighted the rise in unemployment rates, projecting a potential crisis. To mitigate the situation, the association called for a review of policies affecting the private sector, emphasizing the need for government support to prevent further economic challenges.