Economic group faults govt's fixing of fuel price
From Mathias Okwe, Abuja
THE Nigerian Economic Summit Group (NESG) yesterday opposed the Federal Government's fixing of prices for petroleum products.
It stated that the government's position negated the philosophy of deregulation.
Director-General of NESG, Dr. Ahmed Mansur, disclosed the position of the group in Abuja yesterday while addressing journalists on the preparation for the forth-coming 11th edition of the group's summit which will open on November 23, 2004 in Abuja.
He was reacting to a question on whether the recommendations of the group were being implemented by the Federal Government in the on-going economic reforms in the country.
The NESG boss explained that though the group supported the deregulation of the petroleum down-stream sector because of the expected benefits as had been recorded in other sectors such as aviation and telecommunications, it never advised the Federal Government to regulate the prices of the products.
He said: "Our position is that the real issue of deregulation has not been addressed. That's why we have all these problems that we are experiencing today.
"The Federal Government has no business fixing prices for the products. The prices should evolve from the deregulation process."`
