Experts Call for Total Deregulation of Petrol Prices As Oil Prices Soar

Some oil and gas experts have called for full deregulation of price of petroleum products in view of the rising prices of crude oil at the international market. In separate interviews on Thursday, the experts said that total deregulation would libralise the sector and enable them to sell at deregulated prices

Mr Emmanuel Iheanacho, the Chairman, Integrated Oil and Gas Ltd., said that full deregulation would curb the huge amount the government spent on subsidy which could be invested to develop other sectors. Iheanacho urged government to embrace deregulation to allow marketers import petrol and sell at competitive prices.

Alhaji Debo Ahmed, the Chairman of Western Zone of Independent Petroleum Marketers Association of Nigeria (IPMAN), said full deregulation would also curb incessant pipeline vandalism. Ahmed said that if the downstream was fully deregulated, no marketers would allow products to be stolen by vandals.

Mr Obafemi Olawore, a former Executive Secretary, Major Oil Marketers Association of Nigeria (MOMAN), also said full deregulation of the downstream sector remained the best option for economic growth. Olawore said only deregulation would encourage the establishment of private refineries in the country.

 

Source: Daily Trust

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