Concerned energy consumers call for deregulation of Nigeria petroleum industry

From Uche Nnorom, Makurdi

Stakeholders under the aegis of Concerned Energy Consumers In Nigeria (CECIN), have called for total deregulation of the petroleum industry in Nigeria to accommodate the right market template for investors as well as put an end to the practice of hoarding fuel in the regulated economy.
The Nigerian National Petroleum Corporation Limited, NNPCL had on Wednesday, October 9, 2024, announced a new pump price of fuel products from N885 per litre to N1,030.
The group through its Coordinator, Comrade Innocent Agwa, who made the call while speaking with newsmen in Makurdi said absolute deregulation will ensure maximization of investments as well as availability of products.
He stressed that deregulation of the market will attract more foreign investors, eliminate the shortage of refined petroleum products and combat refined petroleum commodities’ smuggling around the country’s boundaries.
According to him, the policy will allow the industry to reach its full potential and guarantee wider participation of individuals and cut down excesses of some authorities in Nigeria.
“With hoarding being a common practice, a free-floating price model for oil and gas will ensure competition while preventing one party from taking advantage of generous subsidies, that were originally made to benefit consumers, to buy too many quantities, thereby creating severe supply shortages.
“Deregulation is the right thing to do for now from an economic perspective because a lot of capital will be freed up for developmental purposes.”