Since the government announced the deregulation of PMS I have seen different versions of interpretations, some in support, some against the policy and some reflective of the previous attempt by the government in 2012 to deregulate the PMS. In all of this the simple explanation is we failed to save when we had plenty and it has coming back to hunt us badly. While the previous administration inherited crude in its best years which sold for the average of $77.38, $107.46, $109.45, 105.87 and $96.24 between 2010 to December 2014 respectively, the current government inherited rather lowest price of crude in more than a decade and a half $49.49 in 2015 and it is currently being sold at an average of $29.96. What I’m trying to point out is we had our chance but we blew it.
A lot of us didn’t support deregulation then because we didn’t trust the previous government and that government had enough to finance subsidy and still restore our refineries to full capacity but they chose to waste the nations resources thinking it will continue to rain, but news flash: we are in a time of drought. We had our Joseph moment but didn’t utilize it.
The country doesn’t have the reserve to finance subsidy because of the previous government’s mismanagement, our crude out put is at a 22yrs minimum due to recent vandalism of pipelines by the so called “Niger Delta Avengers” and the government can no longer finance the subsidy rigime so they have to suspend it and free the market for competition but its citizens are yet to come to terms to the realities of today, they still think we are still in the days of plenty so they want the government to continue payment of subsidy and still deliver on her campaign promises but that’s a little far fetched. The previous government did not save for rainy days so we are socked in this together. It is time to make serious and concious adjustment So we either keep our heads up or drown.
By Yamai Patrick
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