A few days after the report, the Federal Government announced an increase in the pump price of petrol from between N86 and N86.5 per litre to between N135 and N145 per litre, ushering in a price regime that was described by marketers as a partial deregulation of the downstream oil sector.
Explaining that the current petrol price regime was a sign that the sector might be fully deregulated in the near future, the Executive Secretary, Major Oil Marketers Association of Nigeria, Mr. Obafemi Olawore, said, “What we have now is a step towards deregulation.
Deregulation is actually the end point; we are in the process and we will get there.” Olawore, who spoke as a guest during a television programme monitored by a correspondent in Abuja, stated that the gains of a fully deregulated oil sector could not be over-emphasised.
On the difference between what currently obtains in the industry and what will happen when it becomes totally deregulated, he said, “When we get to deregulation, you will have the refining process included. As it is now, we are looking at only the petrol import side.
Deregulation will have to start from the point of refining.”
