A key stakeholder in the Nigerian oil and gas sector, Major Oil Marketers Association of Nigeria (MOMAN) has again called for the total deregulation of the petroleum downstream, Leadership reports.
The executive secretary of MOMAN, Obafemi Olawore, said only total deregulation would save the situation. Contending that doing so will help attract more investments to the oil sector, he said only deregulation would encourage the establishment of private refineries and other related infrastructure in the country.
Speaking further on how deregulation of the sector will impact on other aspects of the nation’s economy, he said, “Deregulation will also enable the Nigeria Railway Corporation to lift more products from the South to other parts of the country at cheaper rates.”
He stated that when investors invest and build more refineries, depots’ prices of petrol would drop and this will be to the advantage of the common man. He also noted that deregulation would also address frequent shortages of products as marketers would source for forex at cheap rates to import in products, not depending on government.